Senate Bill 0054 has Just Passed! Michigan Senate 32-5 Michigan House 81-24
With a proposal that has been in the works since January 2019, Michigan historic preservation tax credits toward individual income tax are back. This is great for Grand Rapids, which has a thriving historic district within its city core. Countless buildings have been saved though similar credits in the past.
This popular program and economic development engine has consistently proven to be a sound investment for Michigan, returning $9.58 for every $1 put into the program, but was eliminated with other incentives in 2011.
This will make investment into historic properties easier and less restrictive, with both federal and Michigan tax credit resources now available. One major significance with the state credit is that while federal credits assist with mostly large-scale projects that must be income-producing, Michigan State credits offer less limitation on who can take advantage of the incentives.
According to the bill, qualified taxpayers may apply for a 25% income tax credit for qualified repairs. Those qualified include owner-occupants of homes in historic districts, as well as owners of commercial and residential investment property.
https://grandriverrealty.com/wp-content/uploads/2020/12/Heritage_Hill_2.jpg8641152Pete Bruinsmahttps://grandriverrealty.com/wp-content/uploads/2018/03/GrandRiverLogo-med.pngPete Bruinsma2020-12-18 12:42:042020-12-18 13:03:02Michigan Historic Tax Credits are Back
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