Form 4584 - Michigan Business Tax Election Of Refund Or Carryforward Of Credits, And Calculation Of Historic Preservation And Brownfield Redevelopment Carryforward - 2013 Page 6
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9A 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
60 percent
If at least 2 years, but less than 3 years
Consideration Credits are granted to rehabilitation plans
40 percent
If at least 3 years, but less than 4 years
expected to have a high community impact and to have
significantly greater historic, social, and economic impact
If at least 4 years, but less than 5 years
20 percent
than those plans that earn Enhanced Credits. The maximum
amount of credit that may be claimed during a tax year is
If the credit has been assigned, the recapture is the
$3,000,000 per project, with the excess being carried forward
responsibility of the qualified taxpayer that received the
until used up. The Enhanced and Special Consideration
certificate of completed rehabilitation, not the assignee.
Credits are taken in addition to the Basic Credit. All three
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.
UBGs: If any member of the UBG is reporting recapture,
to any assignee. The credit assignment cannot be revoked,
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
Line 4: Enter the amount of Basic/Enhanced credit carryforward
Historic Preservation Tax Credit by the qualified taxpayer to
from the prior year MBT Form 4584, if any. Available SBT
the first assignee(s) and the subsequent reassignment by the
credit carryforward is claimed separately on Form 4569.
first assignee(s) to reassignee(s) must be done in the tax year
in which the certificate of completed rehabilitation is issued.
UBGs: Enter the carryforward amount from Form 4580, Part
For information on assignments, contact the State Historic
2B, line 48, column C.
Preservation Office (SHPO).
Line 7: Enter amount of Special Consideration credit
For Basic, Enhanced and Special Consideration credits for
carryforward from prior year MBT Form 4584, if any. The
which a certificate of completed rehabilitation is issued for a
Special Consideration credit carryforward must be separately
tax year beginning after December 31, 2007 and ending before
recorded
because,
unlike
the
Basic/Enhanced
Credit
January 1, 2012, an assignment by a qualified taxpayer of all
carryforward, it may be carried forward until used up. It does
or any portion of a credit allowed may be made within the
not expire after 10 years.
12 months immediately succeeding the tax year in which the
UBGs: Enter the carryforward amount from Form 4580, Part
certificate of completed rehabilitation is issued.
2B, line 49, column C.
An unused carryforward of a Historic Preservation Credit
Line 10: Basic/Enhanced Credit. If the Historic Preservation
generated under SBT may be claimed against the tax imposed
Credit has been assigned, include the approval letter received
by MBT for the years the carryforward would have been
from the Michigan Department of Treasury (Treasury) in the
available under SBT (maximum ten years) if the taxpayer has
return. (If not attached, the credit will be disallowed.)
made the election to remain taxable under the MBT with a
certificated credit. This carryforward is claimed on the MBT
NOTE: If the taxpayer assigned part, but not all, of the credit,
Single Business Tax Credit Carryforwards (Form 4569).
include here the amount of credit retained by the taxpayer. To
Line 2: Recapture. Enter the sum of all SBT and MBT
this extent the assignor is also an assignee.
Historic Preservation Credit recapture amounts. If a recapture
Line 13: Special Consideration Credit. If the Historic
event occurs, in the year of the event the following percentage
Preservation Credit has been assigned, attach the approval
of the credit amount previously claimed must be added back
letter received from Treasury to the return. (If the approval
to the tax liability of the qualified taxpayer that received the
letter is not attached, the credit will be disallowed.)
certificate of completed rehabilitation or preapproved letter. For
NOTE: If the taxpayer assigned part, but not all, of the credit,
tax years beginning after December 31, 2008, a recapture event
include here the amount of credit retained by the taxpayer. To
occurs if:
this extent the assignor is also an assignee.
• A certificate of completed rehabilitation is revoked or a
Line 25: Add line 6 and 12. This amount is the Prior year and
preapproval letter for an enhanced credit is revoked or a
historic resource is sold or disposed of less than five years
Assigned Basic/Enhanced credit carryforward to be used on
after the historic resource is placed in service (as defined in
the next MBT return.
IRC § 47(b)(1) and related federal regulations); or
Line 26: Add lines 9, 15, and 23. This amount is the Special
• A certificate of completed rehabilitation issued after
Consideration Credit carryforward to be used on the taxpayer’s
December 1, 2008, is revoked; or a preapproval letter for an
next MBT return.
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