MI SB0944

Establishes a 25% Michigan business tax credit for qualified expenditures on historic resource rehabilitation, with certification required from the Michigan state housing development authority.

Allows taxpayers to claim an additional credit of 10-15% of qualified expenditures for rehabilitation plans certified after January 1, 2009, with annual caps ranging from $8 million (2009) to $12 million (2013).

Permits up to 3 additional credits annually (2009-2013) for "high community impact" rehabilitation plans meeting specific criteria, with approval from the Michigan strategic fund president and state treasurer.

Imposes a 5-year recapture period requiring taxpayers to repay a declining percentage of the credit (100% to 20%) if the historic resource is sold or certification is revoked within that timeframe, unless a written agreement with the authority is executed.

Allows credits exceeding annual tax liability to carry forward for 10 years, or for projects under $250,000 completed after December 31, 2008, permits taxpayers to elect a refund of 90% of excess credits instead of carryforward.