Michigan Governor Signs Bill Increasing Neighborhood Zone Enterprise Tax Credit Limits

Tuesday, January 28, 2020 - 9:45AM

Owners of homes in eligible distressed communities that are worth up to $120,000 per housing unit are now eligible for the Michigan neighborhood zone enterprise tax credit under a bill signed by Gov. Gretchen Whitmer. S.B. 319 raises the limit on the value of houses or apartments eligible for the credit from $80,000 to $120,000. The legislation also increases the minimum amount of proposed improvements from $5,000 (for owner-occupied unit) or $7,500 (per non-owner-occupied unit) to $10,000 or $15,000, respectively. Beginning this year, the state treasurer will adjust all amounts for inflation.

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