Introduced by Rep. John Damoose R-Harbor Springs on February 23, 2021
To exempt from state income tax up to $5,000, and $10,000 on joint returns, that is deposited in a specialty savings account the bill would authorize for individuals who have not bought or owned a Michigan home in the past three years (dubbed by the bill a "first time home buyer"). Up to $50,000 could be exempted from state income tax liability by an account owner over time. A version of this proposal was vetoed by Gov. Rick Snyder in 2018. Official Text and Analysis.
Referred to the House Tax Policy Committee on February 23, 2021
Reported in the House on March 24, 2021
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered by Rep. Julie Alexander R-Hanover on April 21, 2021
The substitute passed by voice vote in the House on April 21, 2021