Lansing, MI— State Sen. Dave Hildenbrand announced today his plan to introduce legislation to expand the existing Homestead Property Tax Credit to include more Michigan homeowners. The proposal would be retroactive to the 2013 tax year and would authorize refund checks to qualifying home owners this year.
“As Michigan’s economy continues to improve, we have seen surpluses in state tax collections,” said Hildenbrand, R-Lowell. "As we begin the state budget process, I will push for continued investment in our priorities: education, roads, seniors, veterans and public safety. I will also push for returning some of the surplus back to our hard-working taxpayers.”
Under current law, the Homestead Property Tax Credit is an income tax credit for homeowners with household resources below $50,000. Hildenbrand proposes to increase this threshold to $70,000. Depending on revenue estimates, this threshold amount may change based on final budget agreements between the House, Senate and governor’s office.
“The surplus is best spent by individual taxpayers on their own personal priorities,” Hildenbrand said. “I look forward to working with the governor and my colleagues in the Legislature as we continue to discuss tax relief as part of the overall budget process.”
Hildenbrand will formally introduce this legislation on Tuesday in the Michigan Senate.