Individual income tax: credit; state low-income housing tax credit; create. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 279, 679 & 821. TIE BAR WITH: SB 0966'26, SB 0968'26

Summary

The bill adds new sections to Michigan’s income tax law allowing project owners or equity owners of low‑income housing to claim a credit equal to the amount allocated to them. The credit is taken against state income tax, must be documented with an allocation form, and any unused portion can be carried forward for up to ten years. It also requires recapture if the related federal credit is reclaimed.

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