[CPEO-BIF] Michigan tax credits

[Lenny Siegel <lsiegel@cpeo.org>]

State makes it easier to redevelop property


By DOUG HENZE
The Oakland Press (Pontiac, MI)
April 28, 2006

Recent amendments to the state's brownfield laws will make it easier for 
developers of small projects to get Single Business Tax credits and for 
developers to transfer those credits.

Brownfield credits are given to developers who redevelop contaminated or 
"obsolete" sites or blighted sites in urban areas, increasing the tax 
base. Under a 1996 law that was amended in 2000, developers of 
brownfield sites can get a Single Business Tax credit equal to 10 
percent of their investment, up to $1 million.

One recent change to the laws sets aside a pot of money for people who 
want to do smaller brownfield projects, said Gordon Goldie, a partner in 
Southfieldbased Plante & Moran's Real Estate & Construction Group. The 
change, which occurred in early April under Public Acts 111, 112 and 
113, and which applies to projects worth $2 million or less, could 
encourage developers to do more of those projects, he said.


...

For the entire article, see
http://www.theoaklandpress.com/stories/042806/bus_2006042807.shtml

--


Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org


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