Introduced
by
To authorize a $5,000 state income tax deduction, and $10,000 for joint filers, if the income is contributed to a specialty savings account for home purchases by individuals who have not bought or owned a home in the past three years (dubbed by the bill a "first time home buyer"). A taxpayer could claim this deduction for up to 20 years for purposes of buying a principal residence. A version of this proposal was vetoed by Gov. Rick Snyder in 2018.
Referred to the Committee on Finance
