Bill Summary: HB 6044

• Extends the brownfield redevelopment credit program under the Michigan Business Tax Act by changing project approval deadlines and credit availability periods from December 31, 2010 to December 31, 2014.

• Allows qualified taxpayers with preapproval letters issued between January 1, 2008 and January 1, 2014 to claim tax credits equal to 10-20% of eligible investment costs, depending on project size and urban development area designation.

• Establishes three approval pathways for projects: projects up to $2 million (expedited 45-day review), projects $2-10 million (45-day review with criteria consideration), and projects over $10 million (65-day review requiring state treasurer concurrence, limited to 17-20 projects annually).

• Permits credit assignment to lessees, purchasers, and business partners; establishes multiphase project provisions allowing credits to be claimed as components are completed; and includes 10-year carryforward provisions for unused credits.

• Maintains restrictions on credits for professional sports stadiums, casinos, and landfills; requires annual reporting to legislature on approved projects and total eligible investment amounts.