Save the HTC
Save the Historic Preservation Tax Credit
The Michigan Historic Tax Credits (HTC) were voted out by the state legislature in May 2011. Because the credits are part of existing legislation, and the new legislation will not take effect until January 2011, the Michigan State Historic Preservation Office has developed a new protocol for handling the state HTC for 2011. To learn more about this program, please follow this link. Meanwhile, MHPN is working with the state legislature to develop a new program that will assist historic property owners in their rehabilitation efforts. Stayed tuned for more information!
MICHIGAN’S HISTORIC PRESERVATION TAX CREDITS ARE IN JEOPARDY!
Michigan’s Governor Rick Snyder has proposed to eliminate the Michigan Historic Preservation Tax Credit (HTC), a successful and essential incentive program that contributes to economic revitalization in Michigan. Gov. Snyder confirmed yesterday his proposal to replace the Michigan Business Tax with a flat rate corporate income tax and eliminate all tax credits. In revamping Michigan’s tax system we ask that the Governor and Legislature, however, safeguard what has a proven record of success:
- The Michigan HTC has leveraged $1.46 billion in direct rehabilitation activity and created 36,000 jobs since its enactment in 1999.
- Each $1.0 of credit issued leverages $10.56 in direct economic impact.
- The HTC has leveraged $251 million in Federal historic tax credits. This is federal dollars coming back into Michigan’s economy!
Michigan HTC makes projects feasible when others have given up. It puts underutilized and core urban real estate back on local and state tax rolls. The HTC fills a gap not addressed by any other type of rehabilitation financing.
The materials on this page provides the information you need to reach out to your State Representative or State Senator, offers you background on projects that are in your area, and showcases some of the press written on the topic from around the state.
Everyone who believes in protecting historic buildings needs to step up and help to protect them, the jobs created from their restoration, and the money that flows into the community as the result of both the restoration project and the revitalized building.
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