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A qualified MBT taxpayer may take one of two additional enhanced credit issued after December 1, 2008, is revoked;
credits. The Enhanced Credit is equal to a percentage of or a historic resource is sold or disposed of less than five
qualified expenditures, not to exceed 15 percent, established in years after the historic resource is placed in service during a
a preapproval letter issued by SHPO. tax year beginning after December 31, 2008.
The Special Consideration Credit is equal to a percentage 100 percent If less than 1 year
of qualified expenditures, not to exceed 15 percent, recorded
80 percent If at least 1 year, but less than 2 years
on the Certificate of Completion awarded by SHPO. Special
Consideration Credits are granted to rehabilitation plans 60 percent If at least 2 years, but less than 3years
expected to have a high community impact and to have 40 percent If at least 3 years, but less than 4years
significantly greater historic, social, and economic impact 20 percent If at least 4 years, but less than 5years
than those plans that earn Enhanced Credits. The maximum
amount of credit that may be claimed during a tax year is
$3,000,000 per project, with the excess being carried forward If the credit has been assigned, the recapture is the
until used up. The Enhanced and Special Consideration responsibility of the qualified taxpayer that received the
Credits are taken in addition to the Basic Credit. All three certificate of completed rehabilitation, not the assignee.
are calculated on Michigan Historic Preservation Tax Credit NOTE: A recapture is not required if the qualified taxpayer
(Form 3581). enters into a written agreement with SHPO that allows for the
A qualified taxpayer may assign all or a portion of its credit transfer or sale of the historic resource.
to any assignee. The credit assignment cannot be revoked, UBGs: If any member of the UBG is reporting recapture,
but an assignee may subsequently reassign a credit, or any a statement must be attached to this form identifying the
portion of an assigned credit, to one or more assignees. reporting member.
Generally, both the initial assignment of the Michigan
Historic Preservation Tax Credit by the qualified taxpayer to Line 4: Enter the amount of Basic/Enhanced credit carryforward
the first assignee(s) and the subsequent reassignment by the from the prior year MBT Form 4584, if any. Available SBT
first assignee(s) to reassignee(s) must be done in the tax year credit carryforward is claimed separately on Form 4569.
in which the certificate of completed rehabilitation is issued. UBGs: Standard taxpayers, enter the carryforward amount
For information on assignments, contact the State Historic from Form 4580, Part 2B, line 48, column C. Financial
Preservation Office (SHPO). institutions, enter the combined total of carryforward amounts
For Basic, Enhanced and Special Consideration credits for reported on the UBG Combined Filing Schedule for Financial
which a certificate of completed rehabilitation is issued for a Institutions (Form 4752), line 28, by all members of the group.
tax year beginning after December 31, 2007 and ending before Line 7: Enter amount of Special Consideration credit
January 1, 2012, an assignment by a qualified taxpayer of all carryforward from prior year MBT Form 4584, if any. The
or any portion of a credit allowed may be made within the Special Consideration credit carryforward must be separately
12 months immediately succeeding the tax year in which the recorded because, unlike the Basic/Enhanced Credit
certificate of completed rehabilitation is issued. carryforward, it may be carried forward until used up. It does
An unused carryforward of a Historic Preservation Credit not expire after 10 years.
generated under SBT may be claimed against the tax imposed UBGs: Standard taxpayers, enter the carryforward amount
by MBT for the years the carryforward would have been from Form 4580, Part 2B, line 49, column C. Financial
available under SBT (maximum ten years) if the taxpayer has institutions, enter the combined total of carryforward amounts
made the election to remain taxable under the MBT with a reported on Form 4752, line 29, by all members of the group.
certificated credit. This carryforward is claimed on the MBT
Single Business Tax Credit Carryforwards (Form 4569). Line 10: Basic/Enhanced Credit. If the Historic Preservation
Credit has been assigned, include the approval letter received
Line 2: Recapture. Enter the sum of all SBT and MBT from the Michigan Department of Treasury (Treasury) in the
Historic Preservation Credit recapture amounts. If a recapture return. (If not attached, the credit will be disallowed.)
event occurs, in the year of the event the following percentage
of the credit amount previously claimed must be added back NOTE: If the taxpayer assigned part, but not all, of the credit,
to the tax liability of the qualified taxpayer that received the include here the amount of credit retained by the taxpayer. To
certificate of completed rehabilitation or preapproved letter. For this extent the assignor is also an assignee.
tax years beginning after December 31, 2008, a recapture event Line 13: Special Consideration Credit. If the Historic
occurs if: Preservation Credit has been assigned, attach the approval
• A certificate of completed rehabilitation is revoked or a letter received from Treasury to the return. (If the approval
preapproval letter for an enhanced credit is revoked or a letter is not attached, the credit will be disallowed.)
historic resource is sold or disposed of less than five years NOTE: If the taxpayer assigned part, but not all, of the credit,
after the historic resource is placed in service (as defined in include here the amount of credit retained by the taxpayer. To
IRC § 47(b)(1) and related federal regulations); or this extent the assignor is also an assignee.
• A certificate of completed rehabilitation issued after
December 1, 2008, is revoked; or a preapproval letter for an Line 25: Add
line 6 and 12. This amount is the Prior year and
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