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Michigan lawmakers pass bills to help first-time homebuyers

Michigan Legislature approves $880M in pandemic spending
Posted at 12:51 PM, Apr 23, 2021
and last updated 2021-04-23 12:51:37-04

LANSING, Mich. (AP) — The Michigan Legislature has passed legislation to allow tax-exempt savings accounts for first-time homebuyers.

The measure, passed Thursday, would allow residents to set aside money exempt from state income tax into a savings account, as long as the maximum account balance does not exceed $50,000.

Starting in 2022, single participants can receive up to a $5,000 deduction each year and $10,000 for a joint filer.

Lawmakers hope that the bills will encourage talented workers to stay in the state.