Individual income tax: credit; community development tax credit; create. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 279 & 678. TIE BAR WITH: SB 0923'26, SB 0925'26

This bill creates a new state tax credit program to encourage private investment in community development projects across Michigan. It allows taxpayers who invest in eligible properties, such as historic sites, rural areas, or low-income census tracts, to receive a credit equal to 25% to 50% of their investment costs. To qualify, applicants must demonstrate local support, show the project is financially sound, and prove it will revitalize blighted or vacant areas. The program includes strict timelines for securing financing and completing construction, with a total annual funding cap of $200 million that must be at least 30% allocated to housing projects.