Form 4584 - Michigan Business Tax Election Of Refund Or Carryforward Of Credits, And Calculation Of Historic Preservation And Brownfield Redevelopment Carryforward - 2014 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;
or a historic resource is sold or disposed of less than five
credits. The Enhanced Credit is equal to a percentage of
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
20 percent
If at least 4 years, but less than 5 years
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.
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
reported on the UBG Combined Filing Schedule for Financial
For Basic, Enhanced and Special Consideration credits for
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 thecarryforward 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
Line 10: Basic/Enhanced Credit. If the Historic Preservation
Single Business Tax Credit Carryforwards (Form 4569).
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
NOTE: If the taxpayer assigned part, but not all, of the credit,
of the credit amount previously claimed must be added back
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
letter is not attached, the credit will be disallowed.)
preapproval letter for an enhanced credit is revoked or a
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
Line 25: Add line 6 and 12. This amount is the Prior year and
December 1, 2008, is revoked; or a preapproval letter for an
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