Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
Do I need to claim my homestead property tax credit as income?
Yes, you must include the business portion of your homestead property tax credit which is attributable to farm buildings and farmland in your adjusted gross income in the tax year the credit was received.
However, the homestead property tax credits are not included in Michigan total household resources or household income. If you included this amount in your taxable farm income, you may subtract it from your total household resources or household income.