Michigan Historic Preservation Tax Credit
Michigan Historic Preservation Tax Credit
What Is the Historic Preservation Tax Credit?
NOTE: Historic rehabilitation plans will no longer be certified after December 31, 2011.
This credit provides tax incentives for homeowners, commercial property owners and businesses to rehabilitate historic resources located in the State of Michigan.
If the credit exceeds the taxpayer’s tax liability, the balance may be carried forward up to ten years. However, for projects for which a certificate of completed rehabilitation is issued for a tax year beginning after December 31, 2008, and for which the credit amount allowed is less than $250,000, a qualified taxpayer may elect to forgo the carry forward period and receive a refund of 90 percent of the amount that exceeds the qualified taxpayer’s tax liability. Such an election must be made in the year that a certificate of completed rehabilitation is issued and is irrevocable. The credit, which is generally nonrefundable, must be claimed in the year that the certification of completed rehabilitation of the historic resource was issued
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