MI SB0512

Establishes a 25% historic rehabilitation tax credit for qualified taxpayers with certified rehabilitation plans for historic resources, effective for rehabilitation plans certified after December 31, 1998.

Allows qualified taxpayers to claim the credit against income tax liability, with unused portions carried forward up to 10 years; for projects certified after December 31, 2008 with credits under $250,000, taxpayers may elect to receive 90% refund instead of carryover.

Requires Michigan Historical Center certification that historic resources meet federal Secretary of the Interior's rehabilitation standards, with provisions for inspection and potential revocation of certification if unapproved alterations occur within 5 years.

Implements recapture provisions requiring taxpayers who sell or dispose of rehabilitated historic resources within 5 years to add back a declining percentage of previously claimed credits (100% if sold within 1 year, declining to 0% if sold 5+ years later).

Allows qualified taxpayers receiving certificates after December 31, 2008 to transfer the credit and property ownership to a new owner, who becomes subject to the same recapture rules based on their acquisition date rather than the original rehabilitation date.