HOMEOWNERSHIP IN MICHIGAN – Creating the First-Time Homebuyer Savings Account. Passage of Senate Bills 120 and 121 would create a smart savings tool to support homeownership in Michigan, fostering financial literacy, investment in our state, and retaining talent
PRIVATE PROPERTY RIGHTS IN MICHIGAN – Vacation rentals and the strength of the second-home market in Michigan are essential to the health of Michigan’s economy. Michigan has been a vacation and tourism destination for decades. Passage of House Bill 4046 will protect vacation rentals from zoning bans and focus on reasonable regulation.
OUR LOCAL ECONOMY IN MICHIGAN – Enacting Main Street Fairness legislation to support our local economy and independent business owners. A vibrant local economy and a healthy housing market go hand in hand. Passage of House Bills 4540-4543 will provide fairness to local businesses, requiring online and out-of-state retailers that sell goods in the state of Michigan to collect and remit a 6% sales tax to the State of Michigan
Why pass Senate Bills 120 and 121?
• These bills would create a new incentivized savings account that could be opened jointly or individually to benefit qualified first-time homebuyer beneficiaries.
• Similar to the highly popular Michigan Education Savings model, this savings account would provide up to 20 years of investment deductibility off an account holders state income tax, allowing the interest on the designated account to grow tax-free.
• The annual deductibility thresholds are up to $5,000 for a single tax return and $10,000 for a joint filing.
• Use of the account would be self-directed by the account holder, meaning that financial institutions are not required to administer or report based on the account’s designation as a first-time homebuyer account.
• The bills provide freedom for an account holder, such as parents, grandparents or guardians, to open and designate the account for a qualified beneficiary. Since the account is self-directed, the account holder can track the account for reporting on their annual state taxes and provide the Michigan Department of Treasury with the necessary validations that the account is properly maintained.
Why pass House Bill 4046?
Vacation rentals and the strength of the second-home market are essential to the health of Michigan’s economy. Our state has been a vacation and tourism destination for decades. The short-term rental of a fully furnished vacation home is a valued option for Michigan vacationers.
Passage of House Bill 4046 will:
• Ensure that Michigan homeowners can maximize their property value by using short-term rental arrangements.
• Provide clarity about and protection for a practice that has long been permitted and is essential to the viability of local resort economies.
• Support local control with fair regulation and enforcement of existing nuisance controls.
Why pass House Bills 4540-4543?
This legislation will require online and out-of-state retailers that sell goods in the state of Michigan to collect and remit a 6% sales tax.
House Bills 4540-4543 would apply to all retailers, whether they have a physical presence in Michigan.
The state estimates that with the implementation of this bill package, the sales and use tax revenue will increase by $168 million in 2019, $225 million in 2020, and $240 million in 2021.
This legislation will “level the playing field” between large online retailers and small in-state businesses.
Local governments in Michigan have begun fighting short-term rentals by adopting new regulations that would categorize some rentals as commercial transactions in a residential zone.
Realtor.com recently released their hottest markets list for 2019. Ranking second on that list is Grand Rapids, behind only Lakeland, Fla.
According to a recent study, a pair of Michigan cities ranked in the Top 10. Farmington placed No. 6 on the list while Grosse Pointe came in at No. 9.
Detroit-area REALTORS offer “placemaking grants” to help provide some financial support to members and local governments to help plan, design and manage public spaces by capitalizing on the community’s assets, inspiration and potential.