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2023-2024 Form
Handy tips for filling out Form IT 611 Claim For Brownfield Redevelopment Tax Credit Tax Year online
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People also ask
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How do brownfield tax credits work Michigan?
Act 381 Tax Increment Financing Act 381 authorizes Brownfield Redevelopment Authorities to recommend approval of local Brownfield Plans and submit work plans for approval to the state that help revitalize, redevelop, and reuse contaminated, blighted, functionally obsolete, or historic resources. -
What is the Brownfield investment tax credit?
The 10 percent tax credit is available for the rehabilitation of non-certified, non-residential buildings built before 1936. Former manufacturing facilities, office buildings, and hotels located on a brownfield site easily qualify for this tax credit. -
What are the advantages of brownfield projects?
Brownfields are typically located in urban and suburban areas. Building on brownfield sites can help clean up cities, grow suburbs and help alleviate pressure to build in untouched green spaces. -
What are the disadvantages of brownfield?
Disadvantages include: Development could be complicated by discovery of toxic contaminants. Generally longer construction timelines. Older structures may not meet structural requirements and building codes. Higher risk of cost overruns due to unexpected developments. -
What is an example of a brownfield?
In simple terms, a brownfield is property that is either contaminated or that people think might be contaminated. Common examples of brownfields include former gas stations, metal plating facilities, and dry cleaners.
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