Clarifies eligibility for Michigan's property tax credit for homesteads placed in certain trusts.
The bill amends the definition of "owner" in Michigan's property tax credit law to include individuals who have placed their homestead in a revocable trust or a qualified personal residence trust. This change aims to ensure that such individuals can still qualify for the property tax credit. The bill also defines "income" for tax purposes, excluding certain items like gifts, lottery winnings, and governmental grants.
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