Bill > SB0633

This bill modifies the state historic preservation tax credit program by reducing the available credit period from 2031 to 2026. The bill maintains the existing 25% tax credit for qualified expenditures related to rehabilitating historic resources, with specific provisions for residential, small nonresidential, and large nonresidential historic properties. The program limits total tax credits to $5,000,000 per calendar year, with reserved allocations for different types of historic resources: $2,000,000 each for small and large nonresidential resources, and $1,000,000 for residential resources. Qualified taxpayers must meet specific rehabilitation criteria, including spending at least $1,000 for residential properties or 10% of the property's value for non-residential properties. The credit can be claimed within five years of receiving a certificate of completed rehabilitation, and credits can be assigned to other taxpayers. If a property is sold or the rehabilitation is not maintained for at least five years, a percentage of the previously claimed credit must be added back to the taxpayer's tax liability. The bill also requires the state historic preservation office to submit an annual economic impact report detailing the program's effects, including job creation, capital investments, and tax generation from rehabilitation projects.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0633