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2021 Senate Bill 362: Authorize certain developer tax breaks, and housing subsidies
Introduced by Sen. Winnie Brinks D-Grand Rapids on April 15, 2021
To authorize a new form of property tax break for developers who refurbish or build rental housing and rent out at least 30% of the proposed units at below-market prices to households with incomes less than 120% of the median for their county (dubbed “attainable housing”). The bill would authorize a 50% property tax cut on the structures; Senate Bill 360 would also grant income tax breaks to these developers. Official Text and Analysis.
Referred to the Senate Economic and Small Business Development Committee on April 15, 2021
Reported in the Senate on June 15, 2021
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Received in the House on June 17, 2021
Referred to the House Local Government and Municipal Finance Committee on June 17, 2021
Reported in the House on June 15, 2022
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.