SB-0513 Summary

• Amends the Michigan business tax act to establish a 25% tax credit for qualified expenditures on rehabilitation of historic resources, with certification requirements through the Michigan Historical Center.

• Allows qualified taxpayers with rehabilitation plans certified after December 31, 2007, or those with pre-January 1, 2008 plans under former law to claim credits for qualified expenditures meeting federal Secretary of Interior standards.

• Creates additional credit program (10-15% of qualified expenditures) for projects approved by preapproval letter, with annual allocation caps ranging from $8 million (2009) to $12 million (2013), with at least 25% allocated to projects with qualified expenditures of $1 million or less.

• Implements recapture provisions requiring taxpayers to repay credits (on a declining percentage scale) if historic resources are sold or disposed of within 5 years of completion or if certification is revoked, unless qualified by an agreement with the state historic preservation office.

• Authorizes assignment of credits for projects with completion certificates issued before January 1, 2009 (partners/members/shareholders only) and for projects after that date (to any assignee with subsequent reassignment allowed), with unused credits carrying forward up to 10 years.