Michigan residents would be able to better save to purchase their first home under legislation signed into law this week. Introduced by Senator Ken Horn (R-Frankenmuth) and Representative Mari Manoogian (D-Birmingham), the bills establish the Michigan First-Time Home Buyer Savings Program within the Department of Treasury. Residents could open an account to save for and purchase single-family residences in Michigan. Any associated contributions, interest accrued, or qualified withdrawals from an account would be exempt from taxation and Michigan residents could claim up to $5,000 for a single return or $10,000 for a joint return on their taxes.
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