This bill amends the Income Tax Act of 1967 by adding two new sections, 281 and 678, which provide a tax credit for qualified taxpayers who sell mobile home parks or seasonal mobile home parks. Specifically, for tax years beginning on or after January 1, 2026, a qualified taxpayer can claim a credit equal to 15% of the purchase price when selling to a resident of the park or their association or cooperative, provided they have given notice of intent to sell as required by the Mobile Home Commission Act. To claim this credit, the taxpayer must submit the required notice and a settlement statement with their annual tax return.

Additionally, the bill specifies that if the credit exceeds the taxpayer's tax liability for the year, the excess amount will not be refunded. Definitions for "mobile home park," "seasonal mobile home park," and "qualified taxpayer" are also included to clarify eligibility. The enactment of this bill is contingent upon the passage of Senate Bill No. 937 of the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 206.1, 206.847
As Passed by the Senate: 206.1, 206.847