Hi All,
Below is the wording on a flyer that members received regarding their eligibility for tax credits. Many are eligible for the Home Heating Credit based on income (although far fewer are eligible this year due to changes the State made regarding deductables). None of the members are eligible for the Homestead Property Tax. The wording on a memo received by the members is as follows:
WHEN PREPARING YOUR 2012 INCOME TAX RETURNS, PLEASE KEEP IN MIND THAT NOTHING IS PAID FROM YOUR MONTHLY RENT FOR PROPERTY TAXES. THEREFORE, YOU SHOULD NOT FILE FOR THE GENERAL PROPERTY TAX CREDIT ON THE MICHIGAN INCOME TAX FORM 1040CR FOR A REAL ESTATE CREDIT BASED ON THE RENT YOU PAY FOR YOUR APARTMENT.
WE DO NOT WANT TO JEOPARDIZE THE TAX STATUS OF YOUR CO-OP AND WOULD APPRECIATE YOUR COOPERATION IN THIS IMPORTANT MATTER.
DEPENDING ON YOUR INCOME, YOU MAY QUALIFY FOR THE HOME HEATING CREDIT CALIM ON THE MICHIGAN INCOME TAX FORM. YOU MUST FOLLOW THE INSTRUCTIONS ON THE STATE TAX FORM.