|From:||Lenny Siegel <firstname.lastname@example.org>|
|Date:||28 Apr 2006 23:00:26 -0000|
|Subject:||[CPEO-BIF] Michigan tax credits|
State makes it easier to redevelop property|
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
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