Individual income tax: property tax credit; homestead property tax credit; increase, and modify income threshold. Amends secs. 504 & 520 of 1967 PA 281 (MCL 206.504 & 206.520). TIE BAR WITH: SB 344'25

SB 345 increases the property tax credit threshold for Michigan homeowners, raising the taxable value cap for homestead property tax credits from $135,000 to $160,700 for the 2024 tax year. Beginning in 2025, the cap will automatically adjust annually based on the U.S. Consumer Price Index, rounded to the nearest $100. This change directly affects homeowners whose property value falls within the new threshold, allowing them to claim a larger credit against their state income tax for qualifying property taxes. The bill modifies Section 520 of Michigan’s Income Tax Act to implement this adjustment.