Introduced by Sen. Jim Runestad R-White Lake on February 18, 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 Senate Finance Committee on February 18, 2021
Reported in the Senate on March 25, 2021
With the recommendation that the bill pass.
Amendment offered by Sen. Betty Jean Alexander D-Detroit on April 22, 2021
To require future legislature to transfer money each year from the state general fund to the school aid fund to compensate the loss of revenue the bill would cause (up to $20 million annually according the Senate Fiscal).