Michigan HB5798 creates a community development tax credit for eligible investments in blighted properties.

Michigan HB5798 amends the Michigan income tax law to create a community development tax credit. Qualified taxpayers can claim a credit equal to 25% of eligible investments made on eligible properties. Eligible investments include demolition, construction, rehabilitation, and site improvements. Eligible properties include blighted properties, functionally obsolete properties, and historic resources. The credit is subject to annual limits and can be carried forward if unused. The bill also outlines procedures for preapproval, project completion, and credit assignment.

Michigan HB5798 creates a community development tax credit for eligible investments in blighted properties.

Michigan HB5798 amends the Michigan income tax law to create a community development tax credit. Qualified taxpayers can claim a credit equal to 25% of eligible investments made on eligible properties. Eligible investments include demolition, construction, rehabilitation, and site improvements. Eligible properties include blighted properties, functionally obsolete properties, and historic resources. The credit is subject to annual limits and can be carried forward if unused. The bill also outlines procedures for preapproval, project completion, and credit assignment.