MI SB1394

Allows taxpayers residing within a 1-mile radius of a qualified construction project to claim an income tax credit for tax years beginning after December 31, 2010 and ending before January 1, 2016.

Credits equal the difference between the true cash value of the taxpayer's principal residence before the project's commencement and the true cash value during the year the credit is claimed.

Taxpayer bears the burden of proof to establish the residence's true cash value and that no other factors besides the construction project caused any decrease in property value.

Excess credits that exceed the taxpayer's tax liability for the year shall be refunded.

Defines "qualified construction project" as a federally approved state construction project for expanding a U.S. port of entry in Michigan that includes a new bridge plaza and road improvements.