Posted by Dave H (MI) on February 08, 2017 at 10:11:38 from (50.108.14.127):
In Reply to: Pa 116 benefits posted by 1130Leo on February 08, 2017 at 08:44:21:
OK, I will preface this by stating that it is years since I have done PA 116 credit form on a client tax return. The way it worked was very similar to the homestead property tax credit. Taxes on farmland were limited to 3.5% of household resources. Gets a little more complicated with interactions with the standard HPTC on 1040CR. That is about all I can tell you right now. It is best to work these things thru with your actual documents to see how it benefits you. Remember, you do have to enter into a contractual arrangement with SOM if you do this thing. If you have questions, shoot me an email and I will try to answer them...Dave H (MI CPA)
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