MI HB5430

Removes the January 1, 2031 expiration date for historic resource rehabilitation tax credits, allowing the program to continue indefinitely.

Increases annual tax credit cap from $5,000,000 to $100,000,000 starting in 2024, with minimum allocations: $70,000,000 for large nonresidential resources, $20,000,000 for medium nonresidential, $5,000,000 for small nonresidential, and $5,000,000 for residential resources.

Redefines resource size categories for 2024 and later: large nonresidential requires $10,000,000+ qualified expenditures (previously $2,000,000+), introduces new "medium nonresidential" category for $1,000,000-$10,000,000, and reduces small nonresidential threshold to less than $1,000,000.

Increases per-project credit limits starting in 2024: large nonresidential to $10,000,000 (from $2,000,000), medium nonresidential to $2,500,000, and small nonresidential to $300,000.

Allows qualified taxpayers with credits under $500,000 to elect a refund equal to 90% of unused credits instead of carrying them forward 10 years, and accelerates application processing timelines from 120 days to 30 days for initial applications.