Individual income tax: credit; state historic preservation tax credit program; modify. Amends sec. 266a of 1967 PA 281 (MCL 206.266a). TIE BAR WITH: HB 4503'25

HB 4504 amends Michigan's income tax act to modify the state historic preservation tax credit program. It allows qualified taxpayers to receive a state income tax credit of 25% or 30% for expenses incurred rehabilitating historic resources, depending on the property type. The bill establishes an application process through the state historic preservation office and sets annual limits on the total credits issued. These limits are $5 million per year through 2025, increasing to $100 million annually starting in 2026, with specific amounts allocated to different categories of historic resources.