An act to amend 1967 PA 281, entitled “An act to meet deficiencies in state funds by providing for the imposition, levy, computation, collection, assessment, reporting, payment, and enforcement by lien and otherwise of taxes on or measured by net income and on certain commercial, business, and financial activities; to prescribe the manner and time of making reports and paying the taxes, and the functions of public officers and others as to the taxes; to permit the inspection of the records of taxpayers; to provide for interest and penalties on unpaid taxes; to provide exemptions, credits, rebates, and refunds of the taxes; to create certain funds; to provide for the expenditure of certain funds; to impose certain duties and requirements on certain officials, departments, and authorities of this state; to prescribe penalties for the violation of this act; to provide an appropriation; and to repeal acts and parts of acts,” (MCL 206.1 to 206.847) by adding sections 281 and 678.
House Bills 5805, 5806 and 5807 establish a state Housing Opportunity Tax Credit program to incentivize affordable housing development in Michigan, sets annual funding caps and allocation rules, and expands the powers of the State Housing Development Authority, with implementation beginning in 2027.
Co-sponsored by Reps.
Referred to the Committee on Regulatory Reform
Reported with substitute H-1
Substitute H-1 concurred in by voice vote
Substitute H-3 offered
by
The substitute passed by voice vote
Passed in the House 92 to 13 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee of the Whole
Reported with substitute S-1
Substitute S-1 concurred in by voice vote
Passed in the Senate 21 to 15 (details)
Returned to the Senate
Motion to give immediate effect
by
The motion prevailed by voice vote
Substitute S-1 concurred in 94 to 12 (details)
