Michigan SB0344 modifies property tax credit percentages for individual income tax returns.

Michigan SB0344 amends sections 508, 510, and 522 of the 1967 Michigan Public Acts to adjust property tax credit percentages for individual income tax returns. The bill specifies different credit percentages based on income brackets and tax years, affecting both single and joint filers. It also outlines conditions for eligibility, such as being a senior citizen, blind, or an eligible serviceperson, and provides detailed calculations for determining the credit amount. The changes apply to tax years beginning on and after January 1, 2025, contingent on the enactment of Senate Bill No. 345.

Michigan SB0344 modifies property tax credit percentages for individual income tax returns.

Michigan SB0344 amends sections 508, 510, and 522 of the 1967 Michigan Public Acts to adjust property tax credit percentages for individual income tax returns. The bill specifies different credit percentages based on income brackets and tax years, affecting both single and joint filers. It also outlines conditions for eligibility, such as being a senior citizen, blind, or an eligible serviceperson, and provides detailed calculations for determining the credit amount. The changes apply to tax years beginning on and after January 1, 2025, contingent on the enactment of Senate Bill No. 345.