MI HB4504

Increases the annual cap on historic preservation tax credits from $5,000,000 to $100,000,000 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 per-project credit limits starting in 2026: $10,000,000 for large nonresidential projects (up from $2,000,000), $2,500,000 for medium nonresidential, and $300,000 for small nonresidential historic resources

Creates a new "medium nonresidential historic resource" category for projects with qualified expenditures between $1,000,000 and $10,000,000, and increases credit rates to 30% (from 25%) for small nonresidential and residential projects

Removes the January 1, 2031 sunset date, making the historic preservation tax credit program permanent

Allows qualified taxpayers with credits under $500,000 to elect a 90% refund of excess credits instead of carrying forward unused amounts for up to 10 years