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2007 Senate Bill 973: Expand eligibility and transferability of historic preservation tax credits

Public Act 448 of 2008

Introduced by Sen. Cameron Brown (R) on December 6, 2007
To expand the expenses that may be included in calculating a Michigan Business Tax credit equal to 25 percent of the cost to rehabilitate a "historic" building or other property as defined in current law; and also expand the ability of credit recipients to assign or transfer these tax breaks to another taxpayer. The bill removes a provision that reduces the state credit by the amount of a federal rehab credit.   Official Text and Analysis.
Referred to the Senate Commerce & Tourism Committee on December 6, 2007
Reported in the Senate on June 26, 2008
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on September 11, 2008
To replace the previous version of the bill with one that makes tax credits of up to $250,000 "refundable," meaning that if the credit exceeds the amount of tax owed the state will send the taxpayer a check for the difference.
The substitute passed by voice vote in the Senate on September 11, 2008
Amendment offered by Sen. Nancy Cassis (R) on September 16, 2008
To strip out the provision that makes tax credits of up to $250,000 "refundable," meaning that if the credit exceeds the amount of tax owed the state will send the taxpayer a check for the difference.
The amendment failed by voice vote in the Senate on September 16, 2008
Amendment offered by Sen. Nancy Cassis (R) on September 16, 2008
To strip out a provision that gives discretion to the director of the Department Of History, Arts, and Libraries to annually grant one or two of these tax credits to projects that may not meet the criteria or procedures defined in statute, with approval from the president of the Michigan Strategic Fund and the State Treasurer.
The amendment failed by voice vote in the Senate on September 16, 2008
Amendment offered by Sen. Nancy Cassis (R) on September 16, 2008
To revise a provision giving discretion to the director of the Department Of History, Arts, and Libraries to grant these tax credits to projects that may not meet the criteria or procedures defined in statute, so that he or she must at least consider whether the competed project will (eventually) yield a net increase in tax revenue to the state, even after the tax refund checks and offsets have been granted.
The amendment failed by voice vote in the Senate on September 16, 2008
Passed 35 to 3 in the Senate on September 16, 2008.
    See Who Voted "Yes" and Who Voted "No".
To expand the expenses that may be included in calculating a Michigan Business Tax credit equal to 25 percent of the cost to rehabilitate a "historic" building or other property as defined in current law; and also expand the ability of credit recipients to assign or transfer these tax breaks to another taxpayer. The bill removes a provision that reduces the state credit by the amount of a federal rehab credit, and makes tax credits of up to $250,000 "refundable," meaning that if the credit exceeds the amount of tax owed the state will send the taxpayer a check for the difference.
Received in the House on September 16, 2008
Referred to the House Commerce Committee on September 16, 2008
Reported in the House on November 13, 2008
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on December 10, 2008
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute failed by voice vote in the House on December 10, 2008
Amendment offered by Rep. Steve Tobocman (D) on December 10, 2008
To replace the previous version of the bill with one that earmarks two of these tax breaks for particular projects, one in Detroit.
The amendment passed by voice vote in the House on December 10, 2008
Received in the Senate on December 18, 2008
Passed 35 to 3 in the Senate on December 18, 2008.
    See Who Voted "Yes" and Who Voted "No".
To concur with the House-passed version of the bill.
Signed by Gov. Jennifer Granholm on January 9, 2009

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