Bill Text: MI HB5808 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Individual income tax: credit; credit for certain qualified home improvements; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 253.
Spectrum: Slight Partisan Bill (Republican 9-3)
Status: (Introduced) 2024-06-13 - Bill Electronically Reproduced 06/13/2024 [HB5808 Detail]
Download: Michigan-2023-HB5808-Introduced.html
HOUSE BILL NO. 5808
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.847) by adding section 253.
the people of the state of michigan enact:
Sec. 253. (1) For tax years that begin on and after January 1, 2025, a taxpayer who makes qualified home improvements in the taxpayer's principal residence during the tax year may claim a credit against the tax imposed under this part equal to 10% of the expenses incurred by the taxpayer in the tax year for the qualified home improvements or $3,000.00, whichever is less. To claim the credit allowed under this section, the taxpayer shall, in the manner required by the department, provide verification of the expenses incurred for the qualified home improvement.
(2) If the credit allowed under this section exceeds the tax liability of the taxpayer for the tax year, that portion of the credit that exceeds the tax liability must be refunded.
(3) As used in this section:
(a) "Principal residence" means that term as defined in section 7dd of the general property tax act, 1893 PA 206, MCL 211.7dd, and exempt from taxation under section 7cc of the general property tax act, 1893 PA 206, MCL 211.7cc.
(b) "Qualified home improvement" means any renovation or enhancement made to a principal residence that adds value to that property, prolongs the use of that property, or increases energy efficiency of that property. Qualified home improvements include, but are not limited to, renovations made to kitchens, bathrooms, bedrooms, or any other part of the principal residence, as well as any additions, conversions, or structural changes that are made to meet local and state building code requirements.
