MI HB4551

Allows taxpayers to claim a $5,000 income tax credit for purchasing an eligible green residential structure beginning in the 2016 tax year and each subsequent year.

Provides a tax credit equal to 30% of renovation or addition costs to a principal residence (capped at $2,000) that meet green building standards.

Requires taxpayers to obtain and attach a certification certificate from Green Built Michigan, the National Green Building Program, or another department-approved organization meeting comparable silver certification standards.

Permits unused tax credits to be carried forward for up to 4 years to offset future tax liability but does not allow refunds of excess credits.

Applies only to green residential structures and renovations that are newly constructed or completed during the tax year claimed, located in Michigan, constructed by licensed contractors, and issued required building permits.