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: | Historic 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 taxes: | Individual Income Tax (IIT); Michigan Business 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: | $3,200,000 |
| Reimbursement / offset: | $0 |
| Net revenue loss: | $3,200,000 |
| Type of loss: | Active |
| Additional notes on dislosure: | (none) |
| Document source: | https://www.michigan.gov/budget/fiscal-pages/reports/annual-comprehensiv... |
