Snyder plans tax break for more Mich. homeowners
Wed, 05 Feb 2014 21:45:32 GMT —
Michigan Gov. Rick Snyder wants to make more homeowners and renters eligible for a tax credit and to issue refund checks this year.
The Republican governor called Wednesday for restoring the Homestead Property Tax Credit to 250,000 claimants. The tax break would be retroactive to last tax year and continue into the future.
The credit's available to people with household income below $50,000. Snyder would raise the income threshold to $60,000 and change a calculation so qualifying people get more money back.
In 2011, he made 360,000 tax returns 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 income tax cut. He says his plan does more for those needing help paying their bills.