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Legislation watch
2019 Senate Bill 54: Give some developers tax breaks for rehabbing “historic” structures
Public Act 343 of 2020
Introduced by Sen. Wayne Schmidt R-Traverse City on January 23, 2019
To grant certain developers approved by state or local officials credits against the business income tax that are worth up to 25 percent of the amount spent to restore a structure that meets various criteria for being “historic.” Up to 90 percent of a credit valued below $250,000 would be "refundable," making these virtual cash subsidies. Developers could also "carry forward" any unused credit amount for up to 10 years. Official Text and Analysis.
Referred to the Senate Finance Committee on January 23, 2019
Reported in the Senate on December 3, 2020
With the recommendation that the substitute (S-4) be adopted and that the bill then pass.
To grant certain developers approved by state or local officials business income tax credits that are worth up to 25 percent of the amount spent to restore a structure that meets various criteria for being “historic.” Developers could "carry forward" any unused credit amount for up to 10 years. The bill would explicitly authorize foregoing up to $5 million in state revenue each year in order to deliver these subsidies.
Received in the House on December 8, 2020
Referred to the House Government Operations Committee on December 8, 2020
Reported in the House on December 16, 2020
Without amendment and with the recommendation that the bill pass.
Signed by Gov. Gretchen Whitmer on December 30, 2020