Senate Bill 1435 Summary

• Extends the deadline for receiving preapproval letters for brownfield redevelopment credits from January 1, 2014 to January 1, 2014 (changes "2010" to "2014" in multiple subsections regarding credit percentage calculations and project approval timeframes).

• Allows qualified taxpayers with unused credits or preapproval letters issued between December 31, 2007 and January 1, 2014 to claim tax credits against the Michigan business tax for eligible brownfield redevelopment investments.

• Extends the enhanced credit rate (up to 20%) for urban development area projects designated by the Michigan Economic Growth Authority, with the provision now extending through December 31, 2014 instead of 2010.

• Maintains the project completion timeline of 5 years from preapproval letter issuance for single-phase projects and up to 10 years for multiphase projects, with provisions for amendments and extensions.

• Preserves credit assignment options for qualified taxpayers, including assignments to lessees, purchasers, partners, members, and shareholders, with detailed procedures for claiming credits across multiple tax years for large projects exceeding $10,000,000.