Individual income tax: credit; state historic preservation tax credit; eliminate. Amends secs. 266a & 676 of 1967 PA 281 (MCL 206.266a & 206.676). TIE BAR WITH: SB 0631'25
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill proposes to eliminate the state historic preservation tax credit, which provides financial incentives for rehabilitating historic buildings. The credit would no longer be available for projects starting after December 31, 2020. The bill outlines specific requirements for eligible projects, including meeting certain criteria for the historic resource and adhering to federal guidelines for rehabilitation. It also includes provisions for managing the limited funds available for the credit and addressing potential issues related to property ownership and transfers.
Key provisions
- Eliminates the state historic preservation tax credit.
- Sets a limit of $5,000,000 per calendar year for the total amount of credits that can be reserved.
- Prioritizes funding for small and large nonresidential historic resources.
- Requires applications and rehabilitation plans to be submitted to the state historic preservation office.
- Establishes a process for issuing preapproval letters and certificates of completed rehabilitation.
- Includes provisions for assigning the credit to other parties.
- Addresses potential addbacks to the tax liability if the credit is revoked.
- Requires the office to collect and report economic impact data related to the program.
Who is affected
- Homeowners
- Developers
- Property Owners
- Historic Preservation Organizations
- Taxpayers
Notable changes
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- Senate Introduced Bill
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
No sponsors are on record.
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours