New Legislation: Historic Preservation Tax Credit
/Looking to restore a historic building, structure, or site? This will be of interest to you!
Senate Bill 54 was passed by the State of Michigan legislation in December 2020. This bill amended Part 1 (individual income tax) and Part 2 (corporate income tax) of the Income Tax Act to provide for an historic preservation tax credit of up to 25% of qualified expenditures on the rehabilitation of historic buildings, structures, and sites. ASTI has added this to our incentives toolbox to assist you with funding options.
In order to qualify for the credit there are certain conditions that the project must meet, such as the site must be located in a historic district or individually listed on the state or National register of historic places. Qualified taxpayers can claim a credit of up to $2.0 million for a single property for qualifying expenses, but actual credit amounts will depend on agency approval.
Would like more information for a current or upcoming project; Please email Thomas Wackerman or call 1-810-225-2800.