Real estate transfer tax relief
Courtesy of the governor’s office
LANSING, Mich. – Gov. Rick Snyder today signed legislation allowing certain homeowners who sold their property at a loss to be exempt from the State Real Estate Transfer Tax under certain circumstances.
“This legislation will establish a more fair and equal assessment of refunds for Michigan homeowners and I’m pleased to sign into law,” Snyder said.
House Bill 4643, sponsored by state Rep. David Maturen, amends the State Real Estate Transfer Tax Act to address situations where a taxpayer purchased a property prior to the home being built, the taxable value was zero, and later sold the property at a loss from its purchase price. The bill would allow a taxpayer to qualify for existing exemption provisions in the act to claim a refund on tax paid. The bill is now Public Act 172 of 2018.
Snyder also signed nine additional measures:
Senate Bills 992-94, sponsored by state Sens. Ken Horn, Peter MacGregor, and Mike Shirkey, respectively, eliminate the Health Insurance Claims Assessment (HICA), remove the provision allowing for the discontinued Medicaid Managed Care use tax, and replaces HICA with the Insurance Provider Assessment (IPA). The bills are now Public Acts 173-175 of 2018.
HBs 5686-5687, sponsored by state Reps. Pamela Hornberger and Beth Griffin, respectively, codify the current practice of issuing driver’s licenses and personal identification cards for noncitizens temporarily residing legally in Michigan that bear a visual marking as required by federal rules. Specifically, driver’s licenses and personal identification cards must only be issued for the period of time that the federal government has verified that the applicant is legally present in the United States. The bills are now PAs 176-177 of 2018.
