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Senate Roll Call 7 on
2021 House Bill 4290: Give tax breaks to some home buyers

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.

View the rest of House Bill 4290: History, Amendments & Comments 

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Senate Roll Call 7 on 2021 House Bill 4290

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