Snyder vetoes tax breaks for people who save for first home

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LANSING, Mich. (AP) — Gov. Rick Snyder has vetoed bills that would have granted tax breaks to people who save money for the first-time purchase of a home.

The governor says promoting home ownership is a “laudable objective.” But he says he doesn’t want to favor some taxpayers over others. His veto letter was released Friday.

The bills won wide support among Democrats and Republicans in the Legislature. Real estate agents, bankers and the Michigan Chamber of Commerce were in favor of the legislation.

The bills would have granted tax deductions to people who socked away money in a home-savings account. Withdrawals would have been tax-free. The program would have been open to anyone, regardless of income.

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