The following information is new for 2024 Michigan state tax returns:
For tax year 2024, the Michigan income tax rate is 4.25%.
Homestead Property Tax Credit
- Maximum taxable increased to $160,700
- Total household resources limit increased to $69,700
- Phase-out begins when household resources exceed $60,700
- The maximum homestead property tax credit increases to $1,800
NOTE: Qualifying claimants who own or rent Michigan real property may claim a Homestead Property Tax Credit for property taxes levied on their homestead. A homestead includes property adjacent and contiguous to the home of the owner only when that property is unoccupied and not classified as commercial, industrial, residential, or timber-cut over.
Retirement and Pension Expanded Deduction
Due to the recent lowering Michigan Costs Plan, Individuals born prior to January 1, 1963 may now qualify for a retirement and pension benefits deduction.
For more information, please click here.