SB0469 Summary

• Creates a 25% state historic preservation tax credit for qualified taxpayers with rehabilitation plans certified after December 31, 2017 for eligible historic resources.

• Allows taxpayers to claim credits against Michigan income tax liability based on qualified expenditures that meet federal Secretary of Interior's standards for historic rehabilitation under 36 CFR part 67.

• Establishes two tax credit sections: Section 266a for direct credits and Section 675 allowing qualified taxpayers to assign credits to other parties, with assignments being irrevocable.

• Requires certification from the Michigan State Housing Development Authority that historic resources meet specific criteria related to historic district designation, property location, or historic preservation easements.

• Provides a 10-year carryforward period for unused credits and allows taxpayers with credits under $250,000 to elect a refund of 90% of excess credit amounts rather than carrying forward; includes recapture provisions if properties are sold within 5 years.