Individual income tax: other; first-time home buyer savings program; extend sunset. Amends sec. 5 of 2022 PA 6 (MCL 565.1005). TIE BAR WITH: HB 5973'26

This bill extends the Michigan First-Time Home Buyer Savings Program through December 31, 2026, by amending the existing law that established the program. It allows individuals to open special savings accounts designated for paying qualified costs related to purchasing a single-family home in Michigan. The program permits contributions from people other than the account holder and allows joint ownership if the account holders file a joint tax return. The bill includes a provision stating that it will not take effect unless a related bill, HB 5973, is also passed into law.