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2021 House Bill 4290: Give tax breaks to some home buyers

Public Act 5 of 2022

Introduced by Rep. Mari Manoogian (D) on February 23, 2021
To grant $5,000 state income tax exemptions, and $10,000 on joint returns, if the money is deposited in a specialty savings account the bill would authorize for individuals who have not bought or owned a Michigan home in the past three years (labeled by related bills as "first time home buyers"). The exemptions could be claimed for up to five years, meaning $50,000 could be exempted from state income tax liability over time by certain individuals. A version of this proposal was vetoed by Republican Gov. Rick Snyder in 2018.   Official Text and Analysis.
Referred to the House Tax Policy Committee on February 23, 2021
Reported in the House on March 24, 2021
Without amendment and with the recommendation that the bill pass.
To grant $5,000 state income tax exemptions, and $10,000 on joint returns, if the money is deposited in a specialty savings account the bill would authorize for individuals who have not bought or owned a Michigan home in the past three years (labeled by related bills as "first time home buyers"). The exemptions could be claimed for up to five years, meaning $50,000 could be exempted from state income tax liability over time by certain individuals. Legislative fiscal agency analysts estimate the bill will provide up to $19.8 million in benefits for these individuals, with an equivalent amount of revenue foregone by the state. A version of this proposal was vetoed by Republican Gov. Rick Snyder in 2018. See also House Bills 4289 and 4290.
Received in the Senate on April 27, 2021
Referred to the Senate Finance Committee on April 27, 2021
Reported in the Senate on October 28, 2021
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
To grant $5,000 state income tax exemptions, and $10,000 on joint returns, if the money is deposited in a specialty savings account the bill would authorize for individuals who have not bought or owned a Michigan home in the past three years (labeled by related bills as "first time home buyers"). The exemptions could be claimed for up to five years, meaning $50,000 could be exempted from state income tax liability over time by certain individuals. Legislative fiscal agency analysts estimate the bill will provide up to $19.8 million in benefits for these individuals, with an equivalent amount of revenue foregone by the state. A version of this proposal was vetoed by Republican Gov. Rick Snyder in 2018. See also Senate Bill 145.
Received in the House on January 20, 2022
Signed by Gov. Gretchen Whitmer on February 9, 2022

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