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.
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
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
Passed in the House 102 to 0
Referred to the Committee on Commerce and Tourism