Applications for Michigan’s State Historic Preservation Tax Credit Program Open June 15th
Applications for the Michigan State Historic Preservation Tax Credit Program, a program supporting place-based projects and promotes the preservation of historic state resources, will open on June 15 at 9 a.m., according to the Michigan Economic Development Corporation.
“…The new State Historic Tax Credit Program will assist in the revitalization of Michigan’s historic resources, resulting in vibrant, unique places where people want to live, work, visit, and play,” said Michigan’s State Historic Preservation Officer Mark A. Rodman.
To be considered for the program, a property must be listed in the National Register of Historic Places, the State Register of Historic Sites, be in a historic district and either be individually listed or contribute to a listed district.
The credit program has a cap of $5 million per year, according to the MEDC, and is divided into the following:
- $2 million for commercial projects with expenses of $2 million or more.
- $2 million for commercial projects with expenses of less than $2 million.
- $1 million total for owner-occupied residential projects.
Credit reservations will be on a first-come, first-served basis, the MEDC noted in a release.
A three-part online application is used to apply for state credit. The following are available resources that can help applicants turn in an application for the program:
- Sample Web Application in PDF format
- Web Application Overview Recording
- New State Credit program FAQs
- Required Application Materials
The application will close once all tax credits have been allocated for 2022, according to MEDC.