Individual income tax: property tax credit; definition of homestead; modify. Amends sec. 508 of 1967 PA 281 (MCL 206.508).

This bill amends Michigan's property tax credit rules by clarifying the definition of "homestead" for eligibility. It specifies that unoccupied leased land isn't considered part of a homestead unless adjacent to the owner's home, and sets rules for agricultural land (10+ years of residence includes all adjacent land; less than 10 years limits to 5 acres). It also defines mobile home park space rent as homestead rent and clarifies how "gross rent" is calculated for renters. These changes directly affect homeowners and renters claiming the property tax credit under Michigan's Income Tax Act.