Michigan State Budget Includes $5 Million for Historic Tax Credit, Tax Credit Legislation Still Needed
Contributed By: Preservation Action
Website: http://www.preservationaction.org
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From Preservation Action:
This week, Michigan Gov. Gretchen Whitmer, signed the state's budget for the next fiscal year. The budget, negotiated between the State Legislature and Governor's office included $5 million to fund a state historic preservation tax credit program. The funding, however, is contingent on the passage of Senate Bill 54 and House Bill 4100, which establishes a state Historic Tax Credit. Both bills would create a 25% historic tax credit, while the Senate Bill includes a 10 year sunset provision. Michigan has been without a state historic tax credit program since the program was zeroed out in 2011.
While the $5 million included in the state budget for the historic tax credit program isn't as robust as supporters would've hoped, it's an important step toward getting the credit back in statute and recognizes the importance of historic preservation, especially during a difficult economy.
Michiganders, help get your state's Historic Tax Credit across the finish line by reaching out to your state Senator and Representative today. Check out the Michigan Historic Preservation Network and MI Impact to learn more.
Unless noted, the thoughts and opinions expressed in the article are solely that of the
author and not necessarily the opinion of the editors of PreservationDirectory.com.
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