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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionMichigan
Jurisdiction type: State
Fiscal year ending In2018
Program nameHistoric Preservation Credit Program
Program purpose: Historic Preservation
Statutory authority: Public Act 39 of 2011 MCL Sections 206.266 and 208.1435
Abating jurisdiction(s): State of Michigan
Applicable taxesMichigan Business Tax; Individual Income Tax
Method of abatement: Tax Credit
Provisions for recapture: If the historic resource is sold or disposed of less than five years after being placed in service, a percentage of the credit amount previously claimed shall be added back to the tax liability of the qualified taxpayer based on the number of years the resource had been in service.
Gross revenue loss: $13,000,000
Reimbursement / offset: $0
Net revenue loss: $13,000,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.michigan.gov/budget/fiscal-pages/reports/annual-comprehensiv...