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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 In2021
Program nameFarmland Preservation Credit - Corporate and Non-Corporate Program
Program purpose: Conservation of farmland, forest, open space, or water
Statutory authority: Public Act 39 of 2011; Michigan Compiled Laws (MCL) Section 324.36109
Abating jurisdiction(s): State of Michigan
Applicable taxesIndividual Income Tax; Michigan Business Tax
Method of abatement: Tax Credit
Provisions for recapture: If a parcel is released from the program, the land owner is required to repay the Tax Credits taken during the last seven years under the agreement, plus six percent simple interest.
Gross revenue loss: $56,600,000
Reimbursement / offset: $0
Net revenue loss: $56,600,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.michigan.gov/budget/fiscal-pages/reports/annual-comprehensiv...