Economic development: other; income tax act of 1967; amend to reflect elimination of the Michigan strategic fund. Amends secs. 51f, 266a, 270, 278, 676, 680, 696, 701, 711, 713 & 718 of 1967 PA 281 (MCL 206.51f et seq.). TIE BAR WITH: SB 0631'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill eliminates the Michigan Strategic Fund, a program designed to incentivize economic development in the state. Specifically, it amends several sections of the 1967 Michigan Income Tax Act to reflect this change, including provisions related to distributing funds from withholding tax capture revenues and addressing tax credits for historic rehabilitation projects. The bill also modifies rules surrounding tax voucher certificates and credits for qualified investments in historic businesses.
Key provisions
- Eliminates the Michigan Strategic Fund and its associated funding mechanisms.
- Modifies sections related to distributing funds from withholding tax capture revenues to the ‘Good Jobs for Michigan Fund.’
- Adjusts rules for historic rehabilitation tax credits, including eligibility criteria and credit limits.
- Revises provisions concerning tax voucher certificates and their transferability.
- Updates regulations related to qualified investments in historic businesses.
- Addresses the revocation of certificates of completed rehabilitation and the addition back of credits.
- Establishes a process for the office to issue preapproval letters for rehabilitation projects.
- Requires the office to submit an annual economic impact report detailing program activities.
Who is affected
- Businesses seeking economic development incentives
- Taxpayers undertaking historic rehabilitation projects
Bill text
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- Senate Introduced Bill
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