Pop-Up Tax Halt Update

WOO HOO!

The Michigan State House passed the bill to halt the pop-up tax for 18 months on any homes bought between March 1, 2007 and September 30th, 2008!  I am please to announce that I was wrong about the dates in this post from yesterday.  The fly in the new homeowners’ ointment is going to be the companion bill that was also passed.  It raises the transfer tax from $7.50 to $8.50 per thousand on those same home purchases.

Next step in the process is to get the companion bills through the State Senate.  Currently, the package of bills is in the Senate Finance Committee.  Please let the Chair of the Senate Finance Committe now your feelings on this issue!  Make sure to reference the Michigan House Bills HB 4441 and HB 4440.  In fact, you can watch their progress through the legislative process here.  There is also a great summary on the technical aspects of these bills here.