Introduced by Rep. Richard Hammel D- on September 24, 2008
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. See also Senate Bill 973. Official Text and Analysis.
Referred to the House New Economy And Quality Of Life Committee on September 24, 2008
Reported in the House on November 12, 2008
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on November 13, 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 passed by voice vote in the House on November 13, 2008