The bill amends the Income Tax Act of 1967, introducing new provisions that require the deposit of certain tax revenues into a restricted account to meet contractual obligations with authorized businesses. It clarifies definitions related to authorized businesses and certified new jobs, aligning them with the former Michigan Strategic Fund Act. The bill allows qualified taxpayers to claim tax credits for the rehabilitation of historic resources, ensuring that these resources meet specific criteria and streamlining the application process. It also establishes limits on the total amount of tax credits that can be reserved each year for various types of historic resources, promoting equitable consideration among small nonresidential, large nonresidential, and residential projects.

Additionally, the bill modifies existing laws regarding tax credits for rehabilitation projects, requiring qualified taxpayers to attach specific documentation to their tax returns and capping the total credits claimed at 25% of qualified expenditures. It introduces a new "revitalization and placemaking fund" to support projects that enhance population and tax revenue growth through the rehabilitation of vacant and blighted buildings. The bill also updates reporting requirements for employers and community colleges involved in new jobs training programs, ensuring transparency and accountability. Overall, the amendments aim to enhance the efficiency of the tax credit program while promoting the rehabilitation of historic properties and supporting job creation in Michigan.

Statutes affected:
Senate Introduced Bill: 206.51