HB 5732 Summary

• Amends Michigan's historic resource rehabilitation tax credit program under the 2007 Business Tax Act to allow assignment of credits between taxpayers with specific conditions and limitations.

• Permits qualified taxpayers to assign all or any portion of rehabilitation credits to partners, members, shareholders, or other assignees, with reassignment allowed for projects certified after December 31, 2008.

• Establishes refundable credit option allowing taxpayers to claim 90% of credit certificates issued after December 31, 2011 within 60 days of filing, forgoing the remaining 10%.

• Provides that for Section 435(20) credits (high-impact projects), refundable credits equal 86% of the credit amount if claimed as a balance, with taxpayers forgoing the remaining 14%.

• Takes effect immediately upon Governor's approval on December 27, 2012.