MI HB4090

Establishes a 25% tax credit for qualified expenditures to rehabilitate historic resources, with eligibility based on Michigan Historical Center certification and compliance with federal Secretary of Interior standards.

Allows qualified taxpayers to claim an additional credit of 10-15% of qualified expenditures for projects under $1,000,000 and up to 15% for larger projects, with annual caps ranging from $8,000,000 (2009) to $12,000,000 (2013).

Requires credit recapture on a sliding scale (100% down to 0%) if a rehabilitated historic resource is sold or the rehabilitation is revoked within 5 years of the resource being placed in service.

Permits credit assignment to partners, members, or shareholders for pre-2009 projects (limited partners/members), and allows unrestricted assignment and reassignment for projects certified after December 31, 2008.

Mandates preference for applicants who hire only Michigan residents and establishes employment authorization verification requirements, with annual reporting to the legislature on fees, projects, locations, and jobs created.