MCL - Act 6 of 2022
AN ACT to create the Michigan first-time home buyer savings program; to provide for first-time home buyer savings accounts; to prescribe the powers and duties of certain state agencies, boards, and departments; to allow certain tax deductions; and to provide for penalties and remedies.
History: 2022, Act 6, Imd. Eff. Feb. 9, 2022
| Document | Type | Description |
|---|---|---|
| Section 565.1001 | Section | Short title. |
| Section 565.1003 | Section | Definitions. |
| Section 565.1005 | Section | First-time home buyer savings program; establishment; savings account designation; form of contribution. |
| Section 565.1007 | Section | Account holder responsibilities; use of funds; filing with department; maintenance and retention of records; rules; deduction under MCL 206.30; informational materials. |
| Section 565.1009 | Section | Financial institution duties and responsibilities. |
| Section 565.1011 | Section | Maximum account balance limit; contributions, interest earned, and qualified withdrawals as tax exempt. |
| Section 565.1013 | Section | Improper use of funds; penalties; exceptions; definitions. |