Michigan's State Historic Tax Credit launching June 15

Michigan Economic Development Corporation sent this bulletin at 06/01/2022 11:17 AM EDT

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SHPO

michigan.gov/shpo

June 1, 2022

Coming June 15: Michigan’s New State Historic Preservation Tax Credit

Public Act 343 of 2020 was signed into law by Governor Whitmer on December 30, 2020 and established the new State Historic Preservation Tax Credit program (“State Credit program”). The State Credit program will help support place-based projects while promoting the preservation of Michigan’s historic resources. The State Credit program will accept its first applications starting June 15 at 9:00 a.m.

The following general requirements apply for State Credit program consideration:

  1. A property must be listed in the National Register of Historic Places, the State Register of Historic Sites, or be in a local historic district, and either be individually listed or contribute to a listed district to be eligible for the State Credit.
  2. The State Credit has a $5 million cap per calendar year, which will be divided as follows:
  • $2 million for commercial projects with expenses of $2 million or greater.
  • $2 million for commercial projects with expenses of less than $2 million.
  • $1 million total for owner-occupied residential projects.
  1. Credit reservations will be awarded on a first-come, first-served basis.
  2. A three-part online application is used to apply for the State Credit. It is similar to the parts used for the Federal Historic Rehabilitation Tax Credit, but is a completely independent and separate program and application.

The State Credit web application will launch on June 15 at 9:00 a.m. and will close once all tax credits have been allocated for 2022.

The following resources are available to help you prepare to submit an application:

We strongly recommend potential applicants review the New State Credit program FAQs to learn more details about the program. It is also recommended that potential applicants review the legislation, PA 343 of 2020, and associated rules, R 206.201 – R 206.212.

SHPO will host two overview webinars on June 13, followed by live Q&A. Each webinar will be recorded and published online on June 14:

  • Session 1: Commercial Tax Credit | 2-3 p.m.
  • Session 2: Residential Tax Credit | 5-6 p.m.

Click here to register for one or both sessions.

Questions about the new State Credit program? Many answers may be found in the New State Credit program FAQs. If you have additional questions, please email preservation@michigan.gov.