The bill amends the Michigan first-time home buyer savings program act by extending the eligibility period for opening a first-time home buyer savings account from December 31, 2026, to December 31, 2031. It establishes that individuals can open these accounts with financial institutions and designate them for the purpose of covering eligible costs associated with purchasing a single-family residence in Michigan. The account holder can designate themselves or another individual as the qualified beneficiary, with the stipulation that only one qualified beneficiary can be designated at a time.

Additionally, the bill clarifies that individuals may jointly own a first-time home buyer savings account if they file a joint tax return. It also specifies that while an individual can hold multiple accounts, they cannot designate the same qualified beneficiary across those accounts. The bill restricts contributions to cash and marketable securities and allows others, besides the account holder, to contribute to the savings account, subject to certain limitations. The enactment of this bill is contingent upon the passage of House Bill No. 5973.

Statutes affected:
House Introduced Bill: 565.1005