MI HB4503

Increases the annual cap on historic preservation tax credits from $5 million to $100 million beginning January 1, 2026, with allocations of $70 million for large projects, $20 million for medium projects, $5 million for small nonresidential, and $5 million for residential historic resources

Raises maximum credit amounts per project: $10 million for large nonresidential (up from $2 million), $2.5 million for medium nonresidential, and $300,000 for small nonresidential historic resources

Increases credit percentage from 25% to 30% of qualified expenditures for small nonresidential and residential historic resource rehabilitations

Removes the January 1, 2031 sunset date for the program, making the tax credit available indefinitely

Shortens application review timelines from 120 days to 30 days for Part 1 and Part 3 applications and 60 days for Part 2 applications, and allows credits under $500,000 to be refunded at 90% rather than carried forward