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Michigan House Passes Tax-Advantaged Homebuyer Savings Fund Bill

April 23, 2021, 7:14 PM

A pair of bills that would make it easier for Michigan first-time homebuyers to save for a down payment cleared the state House on Thursday.

The measures (H.B. 4289 and H.B. 4290), which the House passed 89 to 15 and 86 to 18, respectively, would let house hunters create tax-advantaged savings account for the down payment on their first home. Residents could contribute up to $5,000 for a single return, or $10,000 for a joint return, per tax year annually up to $50,000 total for an account.

  • The interest earned on deductible contributions ...

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