Individual income tax: property tax credit; owner and eligibility of a homestead placed in certain trusts; clarify. Amends sec. 510 of 1967 PA 281 (MCL 206.510).

Summary

If enacted, this bill would clarify that a homestead placed in certain revocable or irrevocable trusts remains eligible for the Michigan property tax credit on individual income tax returns. It amends Section 510 of the Income Tax Act to specify that the owner of the trust is considered the owner of the homestead for credit purposes, aligning eligibility with existing trust arrangements. This affects homeowners who have transferred their homestead into a trust but still occupy it as their principal residence.