March 5, 2009, Introduced by Senator JANSEN and referred to the Committee on Finance.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.532) by adding section 254.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 254. (1) A taxpayer that purchases a parcel of property
after April 1, 2009 and before January 1, 2011 that results in a
transfer of ownership of that property and, as a result, the
taxable value of that property is adjusted under section 27a(3) of
the general property tax act, 1893 PA 206, MCL 211.27a, may claim a
credit against the tax imposed under this act for each tax year
that the taxpayer owns the property and claims an exemption for
that property under section 7cc of the general property tax act,
1893 PA 206, MCL 211.7cc, as a principal residence following the
year of the transfer equal to the difference between the taxes
calculated on that parcel of property using the taxable value after
the adjustment under section 27a(3) and the taxes calculated on
that parcel of property using the taxable value before the
adjustment under section 27a(3).
(2) If the credit allowed under this section exceeds the tax
liability of the taxpayer for the tax year, that portion of the
credit that exceeds the tax liability shall be refunded.