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SHPO Presents Draft Rules for Michigan’s Reinstated HTC
The Michigan state historic preservation office (SHPO) presented draft rules for the reinstated state historic tax credit (HTC) and is accepting comments until 5 p.m. ET July 30. The state HTC, which was signed into law at the end of 2020, is for 25% of qualified rehabilitation expenditures with an annual statewide cap of $5 million and a taxpayer cap of $2 million. The credit is effective for taxpayers who receive a certificate of completed rehabilitation after Dec. 31, 2020, and has a sunset date at the end of 2030. Michigan’s previous state HTC expired in 2012.
State HTCs and the interaction with federal HTCs will be discussed at the Novogradac 2021 Historic Tax Credit Conference, Oct. 7-8 in Chicago.