MI SB0054

Establishes a state historic preservation tax credit program allowing qualified taxpayers to claim a credit equal to 25% of qualified expenditures for rehabilitating eligible historic resources, effective for certificates issued between January 1, 2021 and December 31, 2030.

Limits total credits reserved annually to $5,000,000, with minimum allocations of $2,000,000 for small nonresidential resources, $2,000,000 for large nonresidential resources, and $1,000,000 for residential resources; individual credits capped at $2,000,000 per tax year per historic resource.

Requires applicants to submit rehabilitation plans meeting federal Secretary of Interior standards to the state historic preservation office for preapproval; preapproval letters must be issued within 120 days; applicants must commence rehabilitation within 1 year and complete within 8 years or lose approval.

Allows credits to be carried forward for 10 years if they exceed current tax liability; permits assignment of credits to other taxpayers on forms prescribed by the office, with assignments made in the year the certificate is issued.

Requires tax credit clawback of 100%-20% if historic resource is sold or rehabilitation is revoked within 5 years of certificate issuance, unless qualified taxpayer enters written agreement with office that preserves historic resource status and secures department recovery method.