Extends the sunset date of Michigan's first-time home buyer savings program.

The bill amends the first-time home buyer savings program in Michigan, extending its sunset date from December 31, 2026, to December 31, 2031. This program allows individuals to open accounts with financial institutions to save for the purchase of a single-family residence in Michigan. Contributions to these accounts can only be in cash or marketable securities, and only one qualified beneficiary can be designated per account. Joint ownership of accounts is permitted if the account holders file a joint tax return. The bill's enactment is contingent on the passage of House Bill No. 5973.

Extends the sunset date of Michigan's first-time home buyer savings program.

The bill amends the first-time home buyer savings program in Michigan, extending its sunset date from December 31, 2026, to December 31, 2031. This program allows individuals to open accounts with financial institutions to save for the purchase of a single-family residence in Michigan. Contributions to these accounts can only be in cash or marketable securities, and only one qualified beneficiary can be designated per account. Joint ownership of accounts is permitted if the account holders file a joint tax return. The bill's enactment is contingent on the passage of House Bill No. 5973.