Michigan SB0924 creates a community development tax credit for eligible investments in certain projects.
Michigan SB0924 amends the Michigan income tax law to create a community development tax credit. The credit applies to eligible investments in projects that involve the rehabilitation of historic resources, blighted property, or functionally obsolete property. Eligible projects include demolition, construction, site improvements, and the addition of machinery or equipment. The Michigan Strategic Fund reviews applications and approves projects based on criteria such as financial soundness and community revitalization potential.
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