First-Time Homebuyers: Michigan Realtors® want you to OWN YOUR FUTURE!
Public Acts 5 and 6 of 2022
SUPPORT MICHIGAN FIRST-TIME HOMEBUYERS
Our Michigan Legislature and Governor are helping Michigan citizens afford a home and are supporting ownership in our great state! This law creates a tax-free savings account for a first-time home purchase in Michigan. This tool will help retain talent and grow our workforce. It will encourage investment and economic growth in Michigan.
What could a First-Time Homebuyer Savings Account mean for you?
This tax incentivized savings vehicle enables individuals and families to save towards their first purchase of a home.
You can open one for yourself, or parents, grandparents, and guardians can designate the account for a qualified beneficiary, like a child.
Account holders could see up to 20 years of investment deductibility off their state income tax, allowing the interest on the designated account to grow tax-free, with annual investment thresholds up to $5,000 for a single tax return and $10,000 for a joint filing and with allowance of a maximum $50,000 lifetime investment.
Accounts can be opened at your neighborhood bank or credit union, or even through a financial advisor.
The definition of a first-time homebuyer allows individuals who have not owned or purchased a single-family residence in the previous three-year period to qualify for this opportunity.
SIGN UP HERE to learn how young families and individuals can utilize this program when it goes into effect.