MI HB4829

Extends the project completion deadline for a specific multiphase project approved by Resolution 2010-219 from 10 years to December 31, 2026, provided quarterly progress reports are submitted and temporary or final certificates of occupancy are issued by the deadline.

Eliminates the penalty and repayment requirement for taxpayers who received a preapproval letter on June 10, 2011 under Resolution 2010-219 and obtain certificates of completion before December 31, 2021.

Requires taxpayers with Resolution 2010-219 preapproval letters but no certificate of completion by September 14, 2023 to submit quarterly reports to the Michigan Strategic Fund detailing project progress, contractor information, and completion percentage.

Allows taxpayers approved under Resolutions 2011-154, 2011-155, 2019-046, and 2019-047 to reallocate eligible investments between adjacent development areas and extend project completion deadlines by up to 5 additional years beyond the standard 10-year period.

Repeals section 601 of the Michigan Business Tax Act and takes effect immediately upon approval on September 13, 2023.