Michigan HB5853 amends city income tax ordinances to provide exemptions for qualified taxpayers in HOPE zones.

Michigan HB5853 amends city income tax ordinances to provide exemptions for qualified taxpayers in HOPE zones. Qualified taxpayers include individuals who reside in a HOPE zone for at least 183 consecutive days, corporations located in a HOPE zone, unincorporated businesses conducting activity in a HOPE zone, and employees of businesses in a HOPE zone. The bill specifies the types of income eligible for the exemption and the conditions under which the exemption applies. It also outlines the process for employees to claim the exemption and the penalties for false claims.

Michigan HB5853 amends city income tax ordinances to provide exemptions for qualified taxpayers in HOPE zones.

Michigan HB5853 amends city income tax ordinances to provide exemptions for qualified taxpayers in HOPE zones. Qualified taxpayers include individuals who reside in a HOPE zone for at least 183 consecutive days, corporations located in a HOPE zone, unincorporated businesses conducting activity in a HOPE zone, and employees of businesses in a HOPE zone. The bill specifies the types of income eligible for the exemption and the conditions under which the exemption applies. It also outlines the process for employees to claim the exemption and the penalties for false claims.