Introduced
by
To expand the expenses that may be included in calculating a Michigan Business Tax credit equal to 25 percent of the cost to rehabilitate a "historic" building or other property as defined in current law; and also expand the ability of credit recipients to assign or transfer these tax breaks to another taxpayer. The bill removes a provision that reduces the state credit by the amount of a federal rehab credit.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that makes tax credits of up to $250,000 "refundable," meaning that if the credit exceeds the amount of tax owed the state will send the taxpayer a check for the difference.
The substitute passed by voice vote
Amendment offered
by
To strip out the provision that makes tax credits of up to $250,000 "refundable," meaning that if the credit exceeds the amount of tax owed the state will send the taxpayer a check for the difference.
The amendment failed by voice vote
Amendment offered
by
To strip out a provision that gives discretion to the director of the Department Of History, Arts, and Libraries to annually grant one or two of these tax credits to projects that may not meet the criteria or procedures defined in statute, with approval from the president of the Michigan Strategic Fund and the State Treasurer.
The amendment failed by voice vote
Amendment offered
by
To revise a provision giving discretion to the director of the Department Of History, Arts, and Libraries to grant these tax credits to projects that may not meet the criteria or procedures defined in statute, so that he or she must at least consider whether the competed project will (eventually) yield a net increase in tax revenue to the state, even after the tax refund checks and offsets have been granted.
The amendment failed by voice vote
Passed in the Senate 35 to 3 (details)
To expand the expenses that may be included in calculating a Michigan Business Tax credit equal to 25 percent of the cost to rehabilitate a "historic" building or other property as defined in current law; and also expand the ability of credit recipients to assign or transfer these tax breaks to another taxpayer. The bill removes a provision that reduces the state credit by the amount of a federal rehab credit, and makes tax credits of up to $250,000 "refundable," meaning that if the credit exceeds the amount of tax owed the state will send the taxpayer a check for the difference.
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute failed by voice vote
Amendment offered
by
To replace the previous version of the bill with one that earmarks two of these tax breaks for particular projects, one in Detroit.
The amendment passed by voice vote
Passed in the House 105 to 0 (details)
To expand the expenses that may be included in calculating a Michigan Business Tax credit equal to 25 percent of the cost to rehabilitate a "historic" building or other property as defined in current law; and also expand the ability of credit recipients to assign or transfer these tax breaks to another taxpayer. The bill removes a provision that reduces the state credit by the amount of a federal rehab credit, and makes tax credits of up to $250,000 "refundable," meaning that if the credit exceeds the amount of tax owed the state will send the taxpayer a check for the difference.
Passed in the Senate 35 to 3 (details)
To concur with the House-passed version of the bill.
