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Committee hears bill to switch index for Michigan home heating tax credit; Treasury backs change but funding questions remain
Summary
Representative Schuette told the House Committee on Economic Competitiveness that House Bill 4543 would replace a Detroit-area CPI used to adjust Michigan's home heating tax credit with the U.S. CPI for household energy after the Bureau of Labor Statistics discontinued the Detroit index.
Representative Jim Schuette told the Michigan House Committee on Economic Competitiveness that House Bill 4543 would replace a Detroit-area consumer price index used to adjust the state's home heating tax credit with the U.S. consumer price index for household energy, after the Bureau of Labor Statistics stopped publishing the Detroit metro index.
Schuette said the change is intended to preserve annual inflation adjustments that keep the credit aligned with energy costs. "This is a tax credit that is used by approximately 6% of filers across the state," Schuette said, adding that the credit is used in both metropolitan Detroit and in parts of the Upper Peninsula. He urged the committee's support and said the bill uses "the best available data" so the credit can continue to provide relief.
Amanda West, deputy treasurer for the Department…
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