LANSING, Mich. (AP) — Michigan Gov. Rick Snyder wants to make more homeowners eligible for a tax credit worth up to $1,200 and to issue refund checks this year.
The Republican governor on Wednesday called for restoring the Homestead Property Tax Credit to additional homeowners. The tax break would be retroactive to last tax year and continue into the future.
The credit's available to homeowners with household income below $50,000 and whose home's taxable value is below $135,000. Snyder would raise the income threshold to $60,000 and change a calculation so qualifying homeowners get more money back.
In 2011, he made many households ineligible for the break as part of a business tax cut. Some Republicans say Snyder's plan is too modest and he should back a permanent cut in the income tax rate.