MI HB4420

Extends the project completion deadline for low-income housing projects from 10 years to the placed-in-service date of the federal low-income housing tax credit carryover allocation agreement if the project was approved before December 31, 2008, has a 20% credit rate, total credits of less than $2,000,000, and received more than $1,100,000 in federal low-income housing tax credit funding.

Allows taxpayers to petition the Michigan Economic Growth Authority to amend projects at any time before a certificate of completion is issued, including extending the project completion duration up to 10 years from the preapproval letter date.

Maintains existing tax credit percentages and limitations for qualified brownfield redevelopment projects, ranging from 10% to 20% of eligible investment depending on project size, location, and designation as an urban development area project.

Requires the Michigan Economic Growth Authority to annually report to legislative committees on approved projects, including listings of approved projects and total eligible investment amounts.

Effective immediately upon Governor's approval on December 19, 2017, with filing date of December 20, 2017.