MI HB6116

Extends the Michigan business tax historic rehabilitation credit to apply to rehabilitation plans certified between December 31, 2007 and January 1, 2011, and allows credits of 25% of qualified expenditures for eligible historic resource rehabilitations.

Establishes an additional credit program for tax years 2009-2010 with preapproval letters, allowing qualified taxpayers to claim additional credits ranging from 10-15% of qualified expenditures, subject to annual allocation caps ($8 million in 2009, $9 million in 2010).

Permits credit assignment for partnerships, limited liability companies, and S corporations, with restrictions on subsequent reassignment for pre-2009 projects but allowing unlimited reassignment for post-2008 projects, with assignment certificates issued by the Department of Treasury.

Requires taxpayer notification and preapproval from Michigan State Housing Development Authority and Michigan Strategic Fund for projects exceeding $1 million in qualified expenditures, with application approval or deemed approval within 15 business days.

Includes recapture provisions requiring taxpayers to add back a percentage of claimed credits if certified rehabilitation is revoked or historic resources are sold within 5 years of placement in service, with percentages declining from 100% (within 1 year) to 0% (5+ years).