This bill creates a new state tax credit program designed to encourage private investment in community development projects across Michigan. It allows qualified taxpayers to claim a credit equal to 25% of their eligible investment, increasing to 50% for projects involving historic rehabilitation, rural development, or areas with low-income populations. To receive the credit, applicants must demonstrate local support and prove that the project would not happen without the financial incentive, while the state fund reviews applications based on criteria such as economic soundness and the potential to revitalize blighted or vacant properties. The legislation sets annual spending limits for the program, requires projects to be completed within three years, and mandates that at least 20% of the credits go to rural or small-scale initiatives.
This bill amends Michigan's Mobile Home Commission Act to require park owners to notify residents and the state department before selling a mobile home park, giving residents 60 days to organize a purchase. If residents form a homeowners' association within that window, they can request the sale details and submit a formal offer, which the owner must then negotiate in good faith. The legislation also establishes a civil penalty of up to $250,000 for owners who fail to follow these notification and negotiation steps, while excluding sales resulting from bank foreclosures from these requirements.
This bill updates the Michigan Strategic Fund Act to expand the powers and duties of the Michigan Economic Development Corporation (MEDC). It allows the fund to establish and operate a job training program for workers and a brownfield historic investment program for specific capital projects. Additionally, the legislation clarifies the fund's authority to issue bonds for a special entity dedicated to settling a specific legal claim against the state. These changes aim to provide the MEDC with clearer legal tools to manage grants, loans, and investments while pursuing economic development goals.
HB 5973 extends the tax deduction for contributions to Michigan's First-Time Home Buyer Savings Account, allowing eligible individuals to lower their state taxable income when they save for a home. The bill amends the state's income tax law to ensure this specific financial benefit remains available for future tax years. By maintaining this provision, the legislation directly affects Michigan residents who utilize the savings account program to purchase their first home.
SB 935 amends the Mobile Home Commission Act to update how mobile home parks are regulated in Michigan. The bill requires the state department to conduct annual inspections of these parks and share results with local governments and lenders if problems are found. It also clarifies rules for granting variances to construction standards, sets limits on reinspection fees, and defines the training requirements for mobile home installers. Additionally, the legislation reinforces prohibitions against unfair practices, such as charging exit fees or forcing residents to buy homes as a condition of renting a space.
HB 5809 amends the State Housing Development Authority Act to update the powers of the Michigan State Housing Development Authority (MSHDA) regarding its coordination with federal programs and the Michigan Strategic Fund. The bill clarifies the authority's ability to collect fees for loans and publications, allowing those funds to be used for corporate purposes unless pledged for bond repayment. It also reinforces the authority's role in encouraging community organizations for housing projects and managing the salvage of usable housing scheduled for demolition. Additionally, the legislation ensures that the authority can make loans to mortgage lenders and purchase securities to support housing development efforts.
SB 934 updates Michigan's Mobile Home Commission Act to modernize regulations for manufactured housing, mobile home parks, and dealers. The bill clarifies definitions for terms like 'mobile home,' 'infraction,' and 'material deficiency' to distinguish between minor violations and those threatening health or safety. It also establishes new sections to guide local government roles and streamline licensing processes by specifying when an application is considered complete. These changes aim to provide clearer standards for the licensure, operation, and management of mobile home facilities across the state.
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 amends the State Housing Development Authority Act to expand the powers of Michigan's State Housing Development Authority. The key changes allow the authority to charge fees for its loans and publications, save usable housing from demolition by funding rehabilitation costs, and make mortgage loans to subsequent property buyers even if they do not meet standard income limits. These provisions directly affect the authority's operations and the people seeking affordable housing assistance in the state.
This bill proposes changes to Michigan's individual income tax law by adjusting the income limits for the property tax credit and the homestead property tax credit. Specifically, it seeks to increase the income thresholds that determine eligibility for these credits, which are financial benefits designed to help homeowners offset their property tax bills. The legislation directly affects Michigan residents who claim these credits on their state tax returns, as it would alter the income levels required to qualify for them. By amending specific sections of the state's Income Tax Act, the bill aims to modify how much income a taxpayer can earn while still receiving these tax reductions.
