Michigan HB4088 amends the property tax credit for individual income tax, adjusting the taxable value cap and modifying the adjustment factor.

Michigan HB4088 amends the property tax credit for individual income tax by increasing the taxable value cap on homestead eligibility for the credit and modifying the adjustment factor. The bill adjusts the cap based on the United States Consumer Price Index for the preceding calendar year, rounding to the nearest $100.00 increment. It also modifies the credit calculation for senior citizens and renters, including adjustments to the minimum total household resources threshold and the credit amount based on gross rent paid.

Michigan HB4088 amends the property tax credit for individual income tax, adjusting the taxable value cap and modifying the adjustment factor.

Michigan HB4088 amends the property tax credit for individual income tax by increasing the taxable value cap on homestead eligibility for the credit and modifying the adjustment factor. The bill adjusts the cap based on the United States Consumer Price Index for the preceding calendar year, rounding to the nearest $100.00 increment. It also modifies the credit calculation for senior citizens and renters, including adjustments to the minimum total household resources threshold and the credit amount based on gross rent paid.