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: | 2021 |
| Program name: | Brownfield Redevelopment Credit Program |
| Program purpose: | Redevelopment/revitalization |
| Statutory authority: | Public Acts 39 of 2011 Michigan Compiled Laws (MCL) Sections 125.2651 - 125.2670, 207.801 - 207.810, and 208.1437 |
| Abating jurisdiction(s): | State of Michigan |
| Applicable taxes: | Michigan Business Tax (MBT) |
| Method of abatement: | Tax Credit |
| Provisions for recapture: | The disposal or transfer to another location of personal property used to calculate this credit will result in an addition to the tax liability of the qualified taxpayer that was originally awarded the credit in the year in which the disposal or transfer occurs. This is true even if the credit was assigned to someone else. This additional liability will be calculated as of the date of the disposition or transfer by multiplying the same percentage used to calculate the credit times the federal basis of the property used to calculate gain or loss (as calculated for federal purposes). The amount otherwise added to the tax liability may also be used to reduce any carryforward of credits available to the taxpayer. For multiphase projects, if all components are not completed by ten years after the date on which the preapproval letter was issued, the qualified taxpayer shall pay to the state treasurer, as a penalty, an amount equal to the sum of all credits claimed and assigned for all components of the project. No credits based on that multiphase project shall be claimed after that date by the qualified taxpayer or any assignee. |
| Gross revenue loss: | $9,400,000 |
| Reimbursement / offset: | $0 |
| Net revenue loss: | $9,400,000 |
| Type of loss: | Active |
| Additional notes on dislosure: | (none) |
| Document source: | https://www.michigan.gov/budget/fiscal-pages/reports/annual-comprehensiv... |
