MI HB5479

Allows qualified taxpayers to claim a 25% credit against Michigan business tax for qualified expenditures on historic resource rehabilitation when a certification of completed rehabilitation is issued after December 31, 2007.

Establishes an additional credit of 10-15% of qualified expenditures for rehabilitation plans with $1,000,000 or less in costs, and up to 15% for larger projects, subject to annual allocation caps ranging from $8,000,000 in 2009 to $12,000,000 in 2013.

Permits credits to be carried forward for up to 10 years if they exceed tax liability in the current year; projects with credits under $250,000 may elect a 90% refund instead of carryover.

Requires recapture of previously claimed credits on a declining percentage basis (100% down to 20%) if the historic resource is sold or certification is revoked within 5 years of placement in service.

Allows taxpayers with certain preapproval letters to assign credits to other parties, with subsequent assignees permitted to reassign credits for projects certified after December 31, 2008.