Bill Text: MI SB0346 | 2009-2010 | 95th Legislature | Engrossed

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Bill Title: Income tax; property tax credit; credit for increase in taxable value following transfer of ownership; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.532) by adding sec. 254.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2009-03-19 - Referred To Committee On Tax Policy [SB0346 Detail]

Download: Michigan-2009-SB0346-Engrossed.html

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SB-0346, As Passed Senate, March 19, 2009

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

SENATE BILL NO. 346

 

 

(As amended, March 19, 2009)

 

 

 

 

 

 

 

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

(MCL 206.1 to 206.532) by adding section 254.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 254. (1) A taxpayer that purchases a parcel of property

 

after <<the effective date of the amendatory act that added this section

 

and before January 1, 2011 that the taxpayer will use as his or her

 

principal residence and claim an exemption for that property under

 

section 7cc of the general property tax act, 1893 pa 206, mcl 211.7cc, as

 

a principal residence may claim a credit against the tax imposed under

 

this act equal to 10% of the purchase price or $10,000.00, whichever is

 

less.

 

 

 

 

 

 

Senate Bill No. 346 as amended March 19, 2009

 

 

 

 

 

 

 

 

 

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     (2) If the credit allowed under this section exceeds the tax

 

liability of the taxpayer for the tax year, that portion of the

 

credit that exceeds the tax liability shall be refunded.