Michigan SB0938 allows a tax credit for selling mobile home parks to residents or resident associations.

Michigan SB0938 amends the state's individual income tax law to allow a tax credit for selling mobile home parks or seasonal mobile home parks to residents or resident associations. The credit equals 15% of the purchase price. To claim the credit, the seller must submit a notice of intent to sell and a settlement statement with their tax return. The credit cannot exceed the seller's tax liability for the year. This bill takes effect only if Senate Bill No. 937 is enacted.

Michigan SB0938 allows a tax credit for selling mobile home parks to residents or resident associations.

Michigan SB0938 amends the state's individual income tax law to allow a tax credit for selling mobile home parks or seasonal mobile home parks to residents or resident associations. The credit equals 15% of the purchase price. To claim the credit, the seller must submit a notice of intent to sell and a settlement statement with their tax return. The credit cannot exceed the seller's tax liability for the year. This bill takes effect only if Senate Bill No. 937 is enacted.