From Preservation Action:

Legislation was recently introduced in the Michigan House that would significantly improve and expand their state Historic Tax Credit. Most notably, HB 5430 would increase the current cap on the credit from $5 million annually to $100 million annually. The bill would also make other improvements to expand the effectiveness of the program, like increasing the credit from 25% to 30% for small projects, and distributing the credits based on project size.

After Michigan's Historic Tax Credit was phased out in 2011, advocates led a multi-year effort to reinstate the program. In 2020, the Michigan Legislature passed legislation again establishing a 25% historic tax credit for income producing properties and residential properties. The major drawback was that the credit was capped at $5 million annually, an amount that is woefully inadequate to keep up with demand. In 2022 commercial credits were claimed within just 5 hours of being opened.

The Michigan Historic Preservation Network is helping to lead the advocacy efforts to get this important bill across the finish line. Check out their advocacy page to read the full bill, see a fact sheet about the bill, and find out how you can take action!

Learn More: https://www.mhpn.org/state