LANSING, Mich. — Gov. Gretchen Whitmer has signed a pair of bills that will reduce expenses for first-time homebuyers in the state.
The bills will establish tax-exempt savings accounts through which state residents can deduct their contributions on tax returns, according to the governor’s office. As a result, the bills will institute the Michigan First-Time Home Buyer Savings Program under the state’s Department of Treasury.
The state adds Michiganders will be able to claim as much as $5,000 on single returns or $10,000 if filing jointly.
“Homeownership creates opportunity for Michigan families and sets a foundation for economic success,” says Governor Whitmer. “I am proud to sign this legislation, which will put Michiganders first by helping families save for and purchase homes.”
Rep. Mari Manoogian (D–Birmingham) says the new program will help young residents, who have struggled to purchase homes in recent memory.
