RealEstateRama Laws & Taxes
Two new affordable apartment buildings will be constructed in downtown Ludington using Low-Income Housing Tax Credits from the Michigan State Housing Development Authority. “This is great news for Ludington. Not only will this help several families facing housing problems, this will result in several properties being rehabilitated,” said Sen. Darwin Booher, R-Evart. “I’m glad that MSHDA stepped up to the plate and awarded this crucial funding that will help the Ludington community.”
Michigan residents seeking affordable housing should see their options increase in 2016. Kevin Elsenheimer, executive director at the Michigan State Housing Development Authority, announced more than $11.7 million for 18 Low-Income Housing Tax Credit projects around the state
More than 600 properties, in five Lower Michigan counties, three Northern Michigan and four Upper Peninsula counties, will be auctioned off during State of Michigan Tax-Foreclosed, Real Property Auctions on August 12th and 13th. Registration for interested bidders will begin at 9:00 a.m., each day, with auctions scheduled to begin at 10:00 a.m.
Senators Stabenow, Peters Announce Multi-Million Dollar Tax Credit to Support Economic Development in Michigan
U.S. Senators Debbie Stabenow, a senior member of the Senate Finance Committee, and Gary Peters today announced a $55 million tax credit allocation for community development projects to grow the economy and create jobs in Michigan and three other states. The support comes through the Treasury Department's New Markets Tax Credit Program, which helps spur critical investments in low-income communities. Today's announcement will help Great Lakes Capital Fund invest in low-income areas in Michigan, Indiana, Illinois and Wisconsin.
Congressman John Conyers, Jr. (MI-13) released the following statement urging a moratorium on property tax foreclosures and improved access to services for Detroiters facing today’s deadline:
Three Detroit, Michigan, area residents pleaded guilty today in U.S. District Court for the Eastern District of Michigan to conspiracy to commit bank fraud, announced Acting Assistant Attorney General Caroline D. Ciraolo of the Justice Department’s Tax Division.
Foreclosure Prevention Counseling Session at the Inkster Public Library There are new programs offered by the Wayne County Treasurer with a DEADLINE of May 12, that can lower interest rates and taxes for those facing foreclosure. Learn about your rights!
LANSING, Mich. - June 18, 2014 - (RealEstateRama) -- Gov. Rick Snyder today signed bipartisan legislation lessening property tax obligations for owners of rental properties.
Continuing Education Changes for Real Estate Brokers and Salespersons Effective January 1, 2015; Preapproval...
WASHINGTON, D.C. - June 17, 2014 - (RealEstateRama) -- A new law which becomes effective January 1, 2015, impacts real estate brokers and salespersons, and real estate education sponsors by removing continuing education preapproval and reporting requirements. Gov. Rick Snyder signed Senate Bill 641 into law on April 7, 2014, which became Public Act 106 of 2014. All continuing education courses must be preapproved through the end of 2014 and reported to the Department of Licensing and Regulatory Affairs (LARA) by the sponsor.
WASHINGTON, D.C. - April 4, 2014 - (RealEstateRama) -- U.S. Senator Debbie Stabenow, a senior member of the Senate Finance Committee, today praised Committee passage of her Mortgage Forgiveness Tax Relief Act, bipartisan legislation that protects underwater homeowners from being hit with huge, unfair tax bills by the IRS. Her provision, included in legislation to extend expiring tax provisions (the EXPIRE Act), ensures that homeowners who owe more on their mortgages than their homes are now worth would not be hit with additional income tax if a portion of their mortgage is forgiven as part of an agreement with their lender. Without Sen. Stabenow's legislation, homeowners - for the first time since housing crisis began - would be required to pay taxes on this phantom income when they refinance or sell their homes in what are commonly called short sales
LANSING, Mich. - March 31, 2014 - (RealEstateRama) -- Gov. Rick Snyder on Friday signed the first of a series of bipartisan bills that will provide more stable local government revenue for essential services including police and fire protection as the obsolete, job-killing personal property tax is phased out.
WASHINGTON, D.C. - February 6, 2014 - (RealEstateRama) -- Today, Governor Snyder shared his 2015 executive budget proposal in front of legislators from both the House and Senate. In his plan, he recommends expanding the Homestead Property Tax credit as a way to provide roughly $102 million in tax relief to an estimated 1.3 million Michigan taxpayers
WASHINGTON, D.C. - January 30, 2014 - (RealEstateRama) -- Senate Democrats chided a Republican proposal for a small scale income tax rollback that passed out of committee today as nothing more than a political stunt in an election year. Democrats note that Republican tax changes such as the Pension Tax and reduction of the Homestead Property Tax Credit have a much higher negative impact on taxpayers. The minor income tax change introduced by Republicans equates to 35 cents per day for the average Michigan family
WASHINGTON, D.C. - December 19, 2013 - (RealEstateRama) -- With NAR’s encouragement, champions of this valuable provision have introduced bi-partisan bills in both the House and Senate (H.R. 2994/S. 1187), to extend the provision for one or two years. Unfortunately, the current prospects of either of these bills being enacted before the end of the year are very slim. NAR is facing four big hurdles
LANSING - December 19, 2013 - (RealEstateRama) -- Disabled veterans across the state got an early Christmas present this week, announced Michigan Veterans Affairs Agency Director Jeff Barnes. The Michigan State Tax Commission determined on Monday that individuals who are eligible for the recently expanded disabled veterans’ property tax exemption can now file for that exemption in July 2014 if they missed the December 2013 deadline in their communities.