Bill Text: MI SB0450 | 2013-2014 | 97th Legislature | Introduced

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Bill Title: Individual income tax; credit; property tax credit for certain individuals who participate in the federal good neighbor next door sales program; create. Amends 1967 PA 281 (MCL 206.1 - 206.713) by adding sec. 253.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2013-07-31 - Referred To Committee On Finance [SB0450 Detail]

Download: Michigan-2013-SB0450-Introduced.html

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SENATE BILL No. 450

 

 

July 31, 2013, Introduced by Senator ANANICH and referred to the Committee on Finance.

 

 

 

     A bill to amend 1967 PA 281, entitled

 

"Income tax act of 1967,"

 

(MCL 206.1 to 206.713) by adding section 253.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 253. (1) For the 2013 tax year and each tax year after

 

2013, a qualified taxpayer who purchases a single-family home as

 

his or her principal residence through the good neighbor next door

 

sales program and claims that property as exempt from tax under

 

section 7cc of the general property tax act, 1893 PA 206, MCL

 

211.7cc, for the same tax year may claim a credit against the tax

 

imposed by this act equal to the amount paid for property taxes

 

collected under the general property tax act, 1893 PA 206, MCL

 

211.1 to 211.155, on that property during that tax year and each

 

tax year thereafter that the property is occupied as his or her

 

principal residence.

 

     (2) If the credit allowed under this section for the tax year

 

exceeds the taxpayer's tax liability for the tax year, that portion

 

that exceeds the tax liability for the tax year shall not be

 

refunded.

 

     (3) If the qualified taxpayer fails to occupy the single-

 

family home as his or her principal residence within 3 years after

 

the year in which the property was purchased and the credit was

 

initially claimed under this section, the total amount of the

 

credit claimed shall be added back to the tax liability of the

 

taxpayer in the tax year that the taxpayer fails to occupy the

 

property as his or her principal residence.

 

     (4) As used in this section:

 

     (a) "Good neighbor next door sales program" means the program

 

implemented by the United States department of housing and urban

 

development to encourage renewal of revitalization areas by

 

providing an opportunity for law enforcement officers,

 

firefighters, emergency medical technicians, and teachers to

 

purchase eligible homes in these communities at a significant

 

discount.

 

     (b) "Principal residence" means that term as defined under

 

section 7dd of the general property tax act, 1893 PA 206, MCL

 

211.7dd.

 

     (c) "Qualified taxpayer" means a taxpayer who is a law

 

enforcement officer, a teacher, a firefighter, or an emergency

 

medical technician who purchases a single-family home as his or her

 

principal residence through the good neighbor next door sales

 

program.