Applications for Michigan’s State Historic Preservation Tax Credit program will be open on June 15th at 9 AM. Those who own commercial or residential properties in a local historic district or that are listed in the National Register of Historic Places or the State Register of Historic sites can apply for tax credit to offset the cost of maintaining or rehabilitating their buildings.
This tax credit program is new as of December 30, 2020, and the rules and details are different from a past program that was in place until 2012. The credits are available as either Michigan Personal Income Tax Credits, Michigan Business Income Tax Credits, or both, and the credits can’t exceed 25% of the total qualified rehabilitation expenses.
Michigan’s State Historic Preservation Officer Mark A Rodman said, “Throughout Michigan, we are fortunate to have many historic buildings that provide a sense of community history and opportunity for growth and investment. However, unused buildings often contribute to blight and further disinvestment. In many cases, a stimulus can often ensure that these important structures are maintained and rehabilitated.”
Rodman also said, “The new State Historic Tax Credit Program will assist in the revitalization of Michigan’s historic resources, resulting in vibrant, unique places where people want to live, work, visit, and play. We are excited to be able to offer this additional source for investment for both commercial and residential properties across the state.”
According to a press release from the Michigan Economic Development Corporation (MEDC), the “State Historic Tax Credit Program will help support place-based projects while promoting the preservation of Michigan’s historic resources.”
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Reporting for WGRT – Jessie Wiegand
