LANSING, Mich. (AP) — The Michigan Legislature has passed legislation to allow tax-exempt savings accounts for first-time homebuyers.
The measure, passed Thursday, would allow residents to set aside money exempt from state income tax into a savings account, as long as the maximum account balance does not exceed $50,000.
Starting in 2022, single participants can receive up to a $5,000 deduction each year and $10,000 for a joint filer.
Lawmakers hope that the bills will encourage talented workers to stay in the state.
