Bill > HB4503

This bill modifies the state historic preservation tax credit program to provide tax credits for the rehabilitation of historic resources in Michigan. The bill expands and clarifies existing tax credit provisions, establishing different credit rates and annual limits based on the type and size of historic resources. Key changes include creating separate credit categories for large, medium, and small nonresidential historic resources and residential historic resources, with credit percentages ranging from 25% to 30% of qualified expenditures. The bill sets annual credit limits of $5 million through 2025 and increases to $100 million starting in 2026, with specific allocations for different types of historic resources. The legislation introduces more detailed requirements for applying for credits, including application processing timelines, documentation requirements, and rules for credit assignment and carryforward. Additionally, the bill provides mechanisms for monetizing credits, allows for partial credit assignments, and establishes provisions for credit recapture if rehabilitation projects do not meet specified criteria. Notably, the bill expands the definition of eligible historic resources to include properties in smaller municipalities and those subject to historic preservation easements, and it requires an annual economic impact report to the legislature detailing the program's effects.

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https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-4503