Who are we?
The mission of the MI Impact Coalition is to help reinstate the Michigan Historic Tax Credit for residential and commercial property owners in our state. The coalition was founded by the Michigan Historic Preservation Network, and counts city leaders, developers and preservationists among its numbers.
Legislation to reinstate the Michigan Historic Tax Credit was introduced in the State Senate in 2017. Senate Bill 469, sponsored by Sen. Wayne Schmidt (R-Traverse City), would reinstate the popular program and economic development engine that offered a credit of up to 25 percent of rehabilitation expenses against state income tax liability. It consistently proved to be a sound investment for Michigan, returning $11 for every $1 put into the program, but was eliminated with other incentives in 2011. Michigan is now one of only 15 states in the country that does not have historic tax credits, putting our state at a serious competitive disadvantage.
The bill cleared the Senate in late 2017 by a margin of 36-2, demonstrating support from every corner of the state, regardless of party. In June 2018, the legislation was approved by the House Tax Policy Committee by a vote of 8-2 with one abstention. It now moves on to the state House.
To join our coalition, e-mail Nancy Finegood at email@example.com.