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Funding, Tax Incentives, Grants & Awards for Preservation Projects     


Funding, Tax Incentives, Grants & Awards for Preservation Projects
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Michigan’s Senate Approves Add-On to State Rehabilitation Tax Credit
Historic Preservation Blog from PreservationDirectory.com - Michigan Business Tax Act, State Rehabilitation Tax Credit
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Email The Author: pr@nthp.org
Website: http://www.nthp.org

Sponsored by Senator Cameron S. Brown, Senate Bill 973 (Substitute S-1) passed the Senate this week. This bill amends the Michigan Business Tax Act which says that if an owner’s expenditures qualify for the 20% federal rehabilitation tax credit, their 25% state credit must be reduced by the amount of the federal credit – thereby reducing the state credit to 5%. The approved provision in SB-973 would mean a taxpayer could add-on an additional 10%-15% credit for qualified expenditures for the next five years. The add-on credit would be capped at $8 million in 2009 and increasing $1 million per year for total of $12 million in 2013, with 25% set aside for smaller projects. If a taxpayer claims credits of less than $250,000, they are entitled to a 90% refund. Also, the State Historic Preservation officer could approve 1 additional credit (not subject to the cap) during 2009 and 2 additional credits until 2013 for projected deemed to have high community impacts. The bill moves to the House Commerce committee for consideration.

For more details, visit Michigan Historic Preservation Network at http://www.mhpn.org or the Michigan legislature at  http://www.legislature.mi.gov/(S(jbeuc055vz35cqqxchdy5bfw))/mileg.aspx?page=getObject&objectname=2007-SB-0973.

Reprinted by permission of the Public Policy Department of the National Trust


Keywords: Michigan Business Tax Act, State Rehabilitation Tax Credit

Posted: September 22, 2008
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Unless noted, the thoughts and opinions expressed in the article are solely that of the
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