Michigan senator seeks to restore property tax credit
Tue, 04 Feb 2014 12:23:54 GMT —
A Michigan lawmaker is proposing another way to return some of a budget surplus to taxpayers.
Republican Sen. Dave Hildenbrand of Lowell said Monday he's introducing legislation to expand the Homestead Property Tax Credit to more homeowners. His plan would be retroactive to the 2013 tax year and authorize refund checks this year.
The credit is available to homeowners with household income below $50,000 and whose home's taxable value is below $135,000. Hildenbrand proposes raising the income threshold to $70,000.
In 2011, Gov. Rick Snyder and legislators made households with income between $50,000 and roughly $83,000 ineligible for the tax break as part of a business tax cut. Now lawmakers are considering an income tax cut or other tax relief.
Snyder will unveil his tax relief plan this week.