Expands eligibility for tax credits for Michigan farmland and open space under development rights agreements.

This bill amends the Michigan Compiled Laws to expand eligibility for tax credits for owners of farmland and related buildings subject to development rights agreements. It allows partnerships, S corporations, and trusts to claim credits based on their share of property taxes. It also allows individuals in possession of property under a life estate or life lease to claim credits. The bill specifies procedures for claiming credits, including filing requirements and the handling of excess credits. It also includes provisions for the Department of Treasury to manage and audit the credit program.

Expands eligibility for tax credits for Michigan farmland and open space under development rights agreements.

This bill amends the Michigan Compiled Laws to expand eligibility for tax credits for owners of farmland and related buildings subject to development rights agreements. It allows partnerships, S corporations, and trusts to claim credits based on their share of property taxes. It also allows individuals in possession of property under a life estate or life lease to claim credits. The bill specifies procedures for claiming credits, including filing requirements and the handling of excess credits. It also includes provisions for the Department of Treasury to manage and audit the credit program.