Insurance: other; state low-income housing tax credit; create. Amends secs. 476a & 476b of 1956 PA 218 (MCL 500.476a & 500.476b). TIE BAR WITH: SB 0966’26, SB 0967’26
Key claim: Michigan SB0968 proposes creating a state low-income housing tax credit by amending the Insurance Code, tied to companion bills SB0966 and SB0967.
Abstract
(SB0968 · 103rd Legislature) Insurance: other; state low-income housing tax credit; create. Amends secs. 476a & 476b of 1956 PA 218 (MCL 500.476a & 500.476b). TIE BAR WITH: SB 0966’26, SB 0967’26 Latest action (2026-06-18): Referred To Committee On Regulatory Reform
Why this matters
SB 0968 completes the Senate’s three-bill state low-income housing tax credit package by extending the credit against insurers’ retaliatory tax under the Insurance Code, matching the House-side HB 5807 mechanism. For insurers, this creates a new avenue to offset Michigan retaliatory tax liability by investing in qualified affordable housing; for the state, it channels insurance-sector capital toward housing production while foregoing retaliatory tax revenue. The tie-bar means the credit only takes effect if all three Senate bills pass together.