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.
| State or Territory: | Michigan |
| Effected Jurisdiction: | Michigan |
Jurisdiction type: | State or Territory |
| Fiscal year ending In: | 2019 |
| Program name: | Farmland Preservation Credit - Corporate and Non-Corporate Program |
| Program purpose: | Conservation of farmland, forest, open space, or water |
| Statutory authority: | Public Act 39 of 2011; MCL Section 324.36109 |
| Abating jurisdiction(s): | State of Michigan |
| Applicable taxes: | Individual Income Tax (IIT); 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: | $49,000,000 |
| Reimbursement / offset: | $0 |
| Net revenue loss: | $49,000,000 |
| Type of loss: | Active |
| Additional notes on dislosure: | (none) |
| Document source: | https://www.michigan.gov/budget/fiscal-pages/reports/annual-comprehensiv... |
