Michigan SB0967 creates a state low-income housing tax credit for qualified taxpayers starting in 2027.

Michigan SB0967 amends the state's individual income tax law to introduce a state low-income housing tax credit for qualified taxpayers beginning in 2027. This credit allows taxpayers to offset their tax liability by the amount allocated to them for the tax year, as reported on an allocation form. The credit can be carried forward for up to 10 years if unused. The bill also includes provisions for recapture of the credit if federal credits are recaptured or disallowed. The Michigan state housing development authority will work with the department to determine taxpayers affected by recapture.

Michigan SB0967 creates a state low-income housing tax credit for qualified taxpayers starting in 2027.

Michigan SB0967 amends the state's individual income tax law to introduce a state low-income housing tax credit for qualified taxpayers beginning in 2027. This credit allows taxpayers to offset their tax liability by the amount allocated to them for the tax year, as reported on an allocation form. The credit can be carried forward for up to 10 years if unused. The bill also includes provisions for recapture of the credit if federal credits are recaptured or disallowed. The Michigan state housing development authority will work with the department to determine taxpayers affected by recapture.