Introduced
by
To revise a provision that allows a bank or other lending institution that has foreclosed on a residence to retain the previous owner’s principal residence exemption on for up to three years. The bill would reduce that to two years, but eliminate a requirement that the lending institution pay what it otherwise would have paid in school operating taxes without the exemption (the requirement means the lender doesn’t actually save any money, but keeping the “exemption” nevertheless makes it easier to sell the property to a new homeowner).
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Amendment offered
by
To require money to be appropriated each year to the school aid fund to make up the foregone revenue the bill would trigger, which is between $14.7 million and $24.5 million according to the Senate Fiscal Agency.
The amendment failed 12 to 25 (details)
Amendment offered
by
To limit the scope of the bill to Michigan-based or Michigan-incorporated banks and financial institutions.
The amendment failed 10 to 27 (details)
Passed in the Senate 33 to 4 (details)
To revise a provision that allows a bank or other lending institution that has foreclosed on a residence to retain the previous owner’s principal residence exemption on for up to three years. The bill would reduce that to two years, but eliminate a requirement that the lending institution must pay what it otherwise would have paid in school operating taxes without the exemption (the requirement means the lender doesn’t actually save any money, but keeping the “exemption” reportedly makes it easier to sell the property to a new homeowner).
Referred to the Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
