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Lawmakers pass bills for first-time homebuyers | News, Sports, Jobs


Apr 24, 2021
LANSING (AP) First-time homebuyers would be allowed to save for their purchasing costs using a tax-exempt savings account under bills that passed in the Michigan Legislature, a move designed to keep residents in the state workforce.
The legislation, approved Thursday, would allow individuals to set aside money exempt from state income tax, as long as the maximum account balance does not exceed $50,000. Starting in 2022, single participants could receive up to a $5,000 deduction each year and $10,000 for joint filers.
Each chamber of the Legislature passed identical bills with bipartisan support. They will not move to Gov. Gretchen Whitmer, though, until final legislative votes are taken. ....

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