The "Pop-Up Tax"

Representative Andy Meisner introduced legislation for Speaker Dillon’s proposed 18 month moratorium on tax uncapping upon real estate transfers, otherwise known as the “Pop-up Tax.” House Bills 4440 and 4441, introduced last week in the Michigan House, represent a vision for boosting Michigan’s economy and its housing market. The House Democrats held a press conference earlier this week to roll out their plan. House Bill 4440 passed out of the House Commerce Committee early Tuesday. House Bill 4441 is expected to be taken up later this week in House Tax Policy committee.
The Michigan Association of Realtors is concerned about the cliff at the end of the 18 months, and is working closely with legislative leadership in both the House and the Senate on the community ratio plan to ease the prospective drop off in activity. Currently, the Senate Republican Majority supports the idea of a moratorium, but is working on a long term proposal as well. I will continue to update you with any news or progress.