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.
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