Michigan SB1045 clarifies eligibility for property tax credit on homesteads placed in certain trusts.

Michigan SB1045 amends the definition of "owner" in the state's individual income tax law to clarify eligibility for a property tax credit on homesteads placed in a revocable trust or a qualified personal residence trust. This change ensures that individuals who have placed their homestead in such trusts are still considered owners for the purposes of receiving the property tax credit. The bill also includes definitions for "income" and "owner," detailing what is included and excluded from income calculations and who qualifies as an owner under the law.

Michigan SB1045 clarifies eligibility for property tax credit on homesteads placed in certain trusts.

Michigan SB1045 amends the definition of "owner" in the state's individual income tax law to clarify eligibility for a property tax credit on homesteads placed in a revocable trust or a qualified personal residence trust. This change ensures that individuals who have placed their homestead in such trusts are still considered owners for the purposes of receiving the property tax credit. The bill also includes definitions for "income" and "owner," detailing what is included and excluded from income calculations and who qualifies as an owner under the law.