Michigan SB0345 amends income tax law to adjust the homestead property tax credit and modify income thresholds.

Michigan SB0345 amends sections 504 and 520 of the Michigan Compiled Laws to adjust the homestead property tax credit and modify income thresholds. The bill increases the minimum total household resources amount for single and joint filers, adjusts the credit amount based on the United States Consumer Price Index, and modifies the income threshold for the homestead property tax credit. The changes apply to tax years beginning on and after January 1, 2025.

Michigan SB0345 amends income tax law to adjust the homestead property tax credit and modify income thresholds.

Michigan SB0345 amends sections 504 and 520 of the Michigan Compiled Laws to adjust the homestead property tax credit and modify income thresholds. The bill increases the minimum total household resources amount for single and joint filers, adjusts the credit amount based on the United States Consumer Price Index, and modifies the income threshold for the homestead property tax credit. The changes apply to tax years beginning on and after January 1, 2025.