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Committee considers bill to preserve Michigan home heating tax credit’s inflation adjustment
Summary
House Bill 4543 would replace a discontinued Detroit-area CPI with the U.S. CPI for household energy to keep the state home heating tax credit adjusted for inflation; Treasury officials warned the credit only operates if LIHEAP funds are appropriated.
Representative Brad Schuette on June 12 told the House Committee on Economic Competitiveness that House Bill 4543 would preserve the annual inflation adjustment for Michigan’s home heating tax credit by switching the index the state uses to calculate the adjustment.
“This is a simple fix to a simple problem that is gonna have a really big impact on Michiganders in both of our peninsulas every winter,” said Representative Brad Schuette, who testified in support of the bill and explained the problem arose because the Bureau of Labor Statistics stopped publishing the Detroit consumer price index for fuels and other utilities.
Under current statute, the credit’s annual adjustment ties to the Detroit CPI for fuels and other…
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