This bill directs Michigan local tax authorities to offer free, easy-to-access online tools that help prospective home buyers estimate their future property taxes. The law requires these websites to display contact details for the local assessor's office and explain how residents can appeal their property assessments, including current timelines for the process. While the bill encourages rather than mandates these services, it aims to make financial information more transparent for individuals purchasing homes in the state. The changes would take effect 180 days after the bill is officially signed into law.
This bill creates the Helping Opportunity Prosper Everywhere (HOPE) Zone Act to support economic development and neighborhood revitalization in impoverished areas of Michigan. It establishes a process for designating specific neighborhoods as HOPE zones based on income levels or poverty rates, which then qualify for tax deductions, credits, and exemptions for participating businesses. A key feature of the act is a "withholding tax capture" mechanism that allows businesses operating within these zones to contribute income tax withheld from employee wages to a dedicated fund, which is intended to support workforce development programs and local community initiatives. The legislation also defines the roles of various organizations, such as qualified neighborhood associations and workforce development groups, in managing these zones and distributing funds.
This bill updates Michigan's Brownfield Redevelopment Financing Act to create a new process for "transformational brownfield plans" that can include multiple related projects across different properties. It requires these plans to provide detailed financial estimates and outlines how various tax capture revenues, such as sales and income taxes, must be used exclusively to fund eligible redevelopment costs. The legislation also mandates specific approval steps involving the local governing body and the Michigan Strategic Fund, ensuring that tax revenues are legally binding and only collected until the project's costs are fully covered.
This bill creates a new state-funded program to provide bonus payments to qualified child care providers in Michigan. The legislation establishes a dedicated fund within the Department of Treasury that can be financed through state appropriations, federal funds, and private donations. Payments from this fund are distributed based on the number and age of children served, with younger children under 36 months receiving a higher rate than older children. The bill requires providers to have billed the state for services within the past six months to be eligible for these payments. It also includes provisions ensuring the money remains in the fund year-to-year and cannot be used to satisfy federal matching requirements.
This bill establishes a temporary gas tax holiday in Michigan, setting the motor fuel tax rate to zero cents per gallon starting immediately. The zero rate will remain in effect until either November 1, 2026, or the nationwide average gas price drops below $3.50, whichever happens first. While the holiday is active, the standard tax rates for gasoline and diesel are suspended, and the bill includes specific reporting requirements for suppliers and end users holding fuel inventory.
Senate Bill 972 amends Michigan's Use Tax Act to clarify how trade-in values for personal electronics are treated when calculating tax liability. The bill updates existing provisions that currently limit the credit for trade-ins on motor vehicles and watercraft, extending similar rules to personal electronics. Specifically, it ensures that the value of an old electronic device traded in for a new one can be subtracted from the purchase price of the new item, reducing the amount of use tax owed. This change directly affects consumers purchasing new electronics and dealers selling them in Michigan.
HB 5992 restores and updates the legal framework for the Michigan Film and Digital Media Office, which is responsible for promoting the state as a location for film, television, and digital media production. The bill redefines key terms to include various forms of media and outlines the office's duties, such as assisting producers with location scouting, providing technical support, and coordinating with local and federal agencies. Additionally, it removes a section related to film credits, aligning the legislation with current administrative practices.
This bill amends Michigan's property tax laws to ensure that businesses leasing tax-exempt real property are taxed as if they owned the property. It directly affects private individuals, associations, and corporations using such property for profit by removing their ability to claim tax exemptions on the lease value. The legislation maintains existing exceptions for various uses, including public airports, county fairs, and specific economic zones like Renaissance and HOPE zones, while explicitly excluding casinos from these protections. Because the bill is tied to two other related bills, it will only take effect if all three are passed into law together.
This bill allows foreign insurance companies operating in Michigan to reduce their retaliatory tax liability by using housing opportunity tax credits. It directly affects alien or foreign insurers by permitting them to subtract the value of these credits from the taxes they must pay to the state treasurer. The key mechanism requires insurers to attach proof of their credit eligibility to their annual tax return to claim this subtraction. This change only applies to tax years beginning on or after January 1, 2027, and the bill will not take effect unless two companion bills are also passed.
This bill modifies Michigan's property tax rules to clarify how taxable values are calculated when property ownership transfers. It establishes that a property's taxable value resets to its current market value upon transfer, but then limits future annual increases to the lesser of 5% or the inflation rate until another transfer occurs. The legislation also defines specific scenarios where a transfer does not trigger a reset, such as when property is moved into a trust by a parent for their own children or grandchildren, provided the home remains residential. Additionally, it allows local tax officials to correct past valuation errors related to missed transfers for up to three years and clarifies rules for land contracts and certain bond-funded properties.
