March 23, 2009 – (RealEstateRama) — Legislation is on the move under the Capitol Dome to provide homeowner relief by way of a tax credit. Senate Bill 346, provides a tax credit for all homebuyers purchasing a home as their principle residence. . If passed, the tax credit would be available to Michigan homebuyers from January 1, 2009 to January 1, 2011. The homebuyers would then be able to use the credit against their income tax, equal to 10 percent of the purchase price, or $10,000, whichever is less. If the credit exceeds that threshold, it is refundable.
The bill now heads to the House Tax Policy Committee. As always, the MAR will keep you informed as this legislation makes its way through the legislative process. The MAR continues to support the efforts of both the House and Senate to bring forth measures to provide incentives and relief to homeowners, along with spurring the housing market in this state.
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