Michigan panel OKs tax cut for homeowners, renters - WNEM TV 5

Michigan panel OKs tax cut for homeowners, renters

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LANSING, Mich. (AP) -

A tax-writing committee in Lansing has voted to make more Michigan homeowners and renters eligible for a tax credit.

The Senate Finance Committee on Wednesday unanimously approved legislation to make households earning under roughly $83,000 a year eligible for the Homestead Property Tax Credit. That's where the threshold was before lawmakers in 2011 lowered it as part of a business tax cut.

Now households earning under $50,000 qualify.

The vote follows Gov. Rick Snyder's call last week to raise the threshold to $60,000 and change a calculation for those already qualifying to return part of a budget surplus to low- to moderate-income households. The bill could help 360,000 tax filers now ineligible for the tax relief.

Also Wednesday, a House committee debated Republican-backed bills to lower the income tax rate.

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