Taxes - C50. A "qualified taxpayer" for purposes of the Historic Preservation Credit is the person that either owns the historic resource or has a long-term lease agreement with the owner, and has paid or incurred the qualified expenditures for the ...

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C50. A "qualified taxpayer" for purposes of the Historic Preservation Credit is the person that either owns the historic resource or has a long-term lease agreement with the owner, and has paid or incurred the qualified expenditures for the ...

An assigned Historic Preservation Credit amount may be claimed by the assignee against tax assessed under the MBTA or under the Income Tax Act of 1967, MCL 206.1 et seq. Section 435(8) directs that the assignee must first claim the credit on the annual return required to be filed for the tax year in which the assignment is made.

For example, a Certificate of Completed Rehabilitation is issued in February 2009 to a qualified taxpayer with a calendar year end of December 31, 2009. The qualified taxpayer, in March 2009, assigns the Historic Preservation Tax Credit to an assignee with a fiscal year end of June 30, 2009. After the assignee makes the election to apply the credit against either its Michigan Business Tax or its Income Tax, the assignee must claim the Historic Preservation Credit on the annual return required to be filed by the applicable tax for its tax year ending June 30, 2009.