The State of Michigan no longer offers tax breaks for historic preservation of homes or commercial buildings. But a new group called MI Impact wants the legislature and Governor Snyder to bring back the incentives. The former program allowed developers and homeowners to write off up to 25% of the cost of a project. Executive Director of Michigan Historic Preservation Network, Nancy FInegood, says the benefits created by the tax credit outweigh the money not going to the state.
“We know that historic, authentic character attracts residents, people wanna be there, and tourists. It increases the neighborhood pride and identity. Besides the fact that you’re putting buildings back on the tax roles that weren’t on their before. Usually you hire local labor” - Nancy Finegood, MHPN
Finegood says the MI Impact Campaign is lobbying the legislature and Governor Snyder to reinstate the same historic preservation tax incentives that were in place until 2012. Critics say the program cost the state too much money.
Legislation related to the tax credits can be found here.
Click on the audio player above to hear the entire conversation between Nancy Finegood and WDET’s Amy Miller.