HB 6093 Summary

• Extends the brownfield property rehabilitation credit under the Michigan Business Tax Act to allow taxpayers with preapproval letters issued between January 1, 2008 and January 1, 2014 to claim credits against business tax liability.

• Establishes three project approval tiers based on eligible investment size: projects up to $2 million approved by the Michigan Economic Growth Authority chairperson or designee; projects between $2-10 million with similar approval; and projects over $10 million requiring state treasurer concurrence, with approval limited to 20 projects annually (declining to 17 after 2010).

• Allows credit rates from 10% to 20% of eligible investment depending on project size, location type (qualified local governmental units vs. other areas), and urban development area designation, with projects exceeding $10 million capped at 10 annual payments.

• Permits taxpayers to assign credits to lessees, purchasers, partners, members, or shareholders under specific conditions, and allows multiphase projects with up to 10 components and 10-year completion timeframes.

• Adds a special provision allowing a specific brownfield property in a city with population between 9,000-10,000 in a county with less than 30,000 people to claim credits if included in a brownfield plan approved in February 2006.