Form 3581 2011 MICHIGAN Historic Preservation Tax Credit

Historic Preservation Certification Application Part 1 + 0000 2011 03 01 27 1 + 0000 2011 03 02 27 9 1 Project Number (if multiple projects see instructions) 1 2008 that are less than $250 000 a taxpayer may elect to forego the carry forward and receive a refund of 90 percent of the amount of the credit that exceeds the tax liability Any carry forward from prior years is not subject to this option If you choose to receive a refund of the excess credit amount complete line 16 2011 MICHIGAN Historic Preservation Tax Credit 3581 Page 2 3581 Page 3 3581 Page 4 5 Enhanced Credit Attach Certificate of Completion 6 Special Consideration Credit Attach Certificate of Completion A detailed list of qualified expenditures and dates paid A qualified MBT taxpayer may take one of two additional A qualified taxpayer may assign all or a portion of its credit a tax year beginning after December 31 2008 and for which Additional Information after the historic resource is placed in service a percentage of the credit may be subject to recapture If the credit has been assigned the recapture is the responsibility of the assignor An entity reporting a Historic Preservation Credit as a member of an MBT Unitary Business Group (UBG) must calculate the credit at the member entity level The credit may then be applied to the tax liability of the UBG Basic Credit Attach Certificate of Completion Complete line 4a or 4b whichever applies and continue to 4c Basic credit Enter lesser of lines 4a or 4b whichever applies and 4c Michigan Business Tax filers carry to Form 4584 line 16 or if credit is to be assigned carry to Form 3614 line 7 4d by SHPO but is limited by the maximum credit enumerated calculate the amount of the Michigan Historic Preservation Tax Credit needed to offset the taxpayer s tax liability Carry the amount from line 14 to the 2011 Michigan Schedule 2 line 6b or MI 1041 line 19b Carry forward Historic Preservation Tax Credit from 2010 (individual income tax and fiduciary filers only) 8 Carry forward to 2012 If line 12 is less than line 13 subtract line 12 from line 13 This is the amount you may carry forward If you want a refund go to line 16 15 certified by SHPO Complete lines 10 through 16 to determine the amount of the credit needed to offset the current tax liability and the amount if any to carry forward to the next year or to be refunded Credit in excess of the current liability may be carried forward for up to ten years to offset a future liability Consideration Credits are granted to rehabilitation plans expected to have a high community impact and to have Copy of Michigan Verification of Taxable Credit Eligibility if applicable Credit ceiling from Certificate of Completion 4c Credit ceiling from Certificate of Completion 5c Credit ceiling from Certificate of Completion 6c credits Each IIT assignee must attach a copy of the letter the assignor received and a completed Form 3581 with any required attachments to their Form MI 1040 or Form MI 1041 Eligibility eligible assignees owners or long term lessees of qualified Enhanced credit Enter lesser of lines 5b or 5c and carry to Form 4584 line 17 or if credit is to be assigned carry to Form 3614 line 8 5d Enter assigned credit (see instructions) 7 Enter the amount from line 9 above 13 equal the amount certified by SHPO on the verification letter or the approved Part 3 Certification of Completed Work form equal the amount certified by SHPO on the verification letter or the approved Part 3 Certification of Completed Work form Evaluation of Eligibility signed and dated Federal Historic Preservation Tax Incentives: Fiduciary Income Tax filers Carry the amount from line 9 to Form MI 1041 line 19a Filer s First Name Middle Initial and Last Name or Business Name Filer s Social Security Number or FEIN/TR Number FILERS ONLY For questions regarding the tax credit contact Treasury: for which a certificate of completed rehabilitation is issued for for which a preapproval letter was issued after December 31 2008 only those expenditures that are paid or incurred during the time periods prescribed for the credit under IRC 47(a)(2) and any related U S Treasury regulations will be considered Historic Preservation Certification Application Part 3 Certification of Completed Work signed and dated Historic Preservation Tax Credit Add line 4d to lines 7 and 8 Carry this amount to line 13 9 Historic Preservation Tax Credit Enter the lesser of line 12 or line 13 Carry the amount from line 14 to your 2011 Schedule 2 line 6b or to your 2011 Form MI 1041 line 19b 14 historic resources who undertake rehabilitation projects that are If credit claimed on U S Form 3468 multiply line 3 by 5% (0 05) 4b If line 12 is equal to or greater than line 8 multiply line 15 by 90% (0 9) and enter here and on your 2011 MI 1040 line 30 or 2011 MI 1041 line 25 16a If line 12 is less than line 8 subtract the difference between line 8 and line 12 from line 15 and multiply the difference by 90% (0 9) Enter here and on your 2011 MI 1040 line 30 or 2011 MI 1041 line 25 16b If line 8 is greater than line 12 enter the difference This is your carry forward from 2010 to 2012 16c If the credit exceeds the taxpayer s tax liability the balance may be carried forward up to ten years However for projects IIT/Fiduciary Filer Social Security FEIN or TR Number IIt/Fiduciary Filers only: If a portion of the credit was assigned to another taxpayer leave lines 1 through 6 blank Include this form as part of the unitary return If there are multiple historic credits issued under separate account numbers include multiple forms with the UBG return INDIVIDUAL INCOME TAX AND FIDUCIARY FILERS ONLY Attach to Form MI 1040 or MI 1041 Individual Income Tax and Fiduciary Filers: Skip to Part 3 Individual Income Tax filers Carry the amount from line 9 to Schedule 2 line 6a Individual Income Tax: (517) 636 4486 Instructions for Form 3581 is 25 percent of the qualified expenditures less the amount is equal to a percentage of qualified expenditures not to exceed 15 percent recorded on the Certificate of Completion awarded is issued and is irrevocable The credit which is generally Issued under authority of Public Act 281 of 1967 and Public Act 36 of 2007 Line 1: Enter the project number assigned by SHPO Complete one Form 3581 for each project completed during the tax year Line 15: Credit in excess of the tax liability may be carried forward and used in subsequent years not to exceed ten years Line 16: For credit certificates issued after December 31 Line 3: For projects for which a preapproval letter was issued prior to January 1 2009 the expenditures for the rehabilitation Line 4: The Basic Historic Preservation Credit is equal Line 4d MBT taxpayers only carry the amount on line 4d to Form 4584 line 16 or if credit is to be assigned to Form 3614 line 7 Line 5: The Enhanced Historic Preservation Credit is equal Line 5d Carry the amount on line 5d to Form 4584 line 17 or if credit is to be assigned to Form 3614 line 8 Line 6: The Special Consideration Historic Preservation Credit Line 6d: If line 6d is $3 000 000 or less carry the amount on line 6d to Form 4584 line 21 or if any part of this credit is to be assigned carry the entire amount on line 6d to Form 3614 line 12 If line 6d is greater than $3 000 000 carry the amount on line 6d to Form 3614 line 12 The Special Consideration credit must be assigned in increments of $3 000 000 per tax year even if that assignment is to the assignor Line 7: If assigned the credit enter the amount of the assigned credit from the approval letter provided by the assignor Line by Line Instructions Lines 10 14: Individual and Fiduciary Income Tax filers Lines not listed are explained on the form MICHIGAN BUSINESS TAX FILERS ONLY Include with Form 4567 4588 or 4590 Michigan Business Tax Filers: Stop here; do not continue to page 2 Michigan Business Tax: (517) 636 6925 For questions regarding federal and State certification contact Michigan Department of Treasury Attachment 22 3581 (Rev 08 11) Page 1 Michigan Historic Preservation Tax Credit Multiply line 3 by 25% (0 25) 4a Multiply line 3 by line 5a 5b Multiply line 3 by line 6a 6b Name and Account Number: Enter the name and account number as reported on page 1 of the applicable MBT annual return (either the MBT Annual Return (Form 4567) for standard taxpayers MBT Insurance Company Annual Return for Michigan Business and Retaliatory Taxes (Form 4588) or the MBT Annual Return for Financial Institutions (Form 4590)) nonrefundable must be claimed in the year that the certification Note: For MBT taxpayers neither an assigned credit nor a credit carried forward from a prior year is eligible to be refunded Note: If the resource is sold or the certification of completed rehabilitation or preapproval letter is revoked less than five years of a historic resource must be paid not more than five years after the certification of the rehabilitation plan For projects of completed rehabilitation of the historic resource was issued of qualified expenditures not to exceed 15 percent recorded on the Certificate of Completion awarded by SHPO Special of the federal credit available For example if the amount of the federal credit available is 20 percent the state credit is 5 Office (SHPO) on the Certificate The credit is the lesser of the percentage of qualified expenditures or the credit ceiling established by Optional Refund Amount Complete line 16 only if you want a refund of the amount on line 15 Other Supporting Forms and Schedules PART 1: ALL FILERS PART 2: MICHIGAN BUSINESS TAX FILERS ONLY PART 3: INDIVIDUAL INCOME TAX/FIDUCIARY PART 3: INDIVIDUAL INCOME TAX/FIDUCIARY FILERS ONLY percent of the qualified expenditures Percentage from Certificate of Completion 5a Percentage from Certificate of Completion 6a Preservation Credit Property owners undertaking rehabilitation projects on depreciable properties that qualify for the federal Purpose qualified expenditures Qualified Expenditures Enter the qualified expenditures for the rehabilitation of the historic resource qualified taxpayer s tax liability Such an election must be made in the year that a certificate of completed rehabilitation Qualified taxpayers may receive a Basic Michigan Credit equal to 25 percent of their qualified expenditures For Questions received for the project received for the project Rehabilitation Credit must first apply for the federal credit SHPO at (517) 373 1630 SHPO but is limited by the maximum credit enumerated on SHPO The amount of the credit calculated on line 4d must SHPO The amount of the credit calculated on line 5d must SHPO The amount of the credit calculated on line 6d must significantly greater historic social and economic impact than Special Consideration credit Enter lesser of lines 6b or 6c and carry to Form 4584 line 21 or if credit is to be assigned carry to Form 3614 line 12 6d Special Instructions for Unitary Business Groups State Equalized Value (SEV) Enter the SEV of the resource 2 State Historic Preservation Office: Subtract line 11 from line 10 If less than zero enter zero 12 Tax from your 2011 MI 1040 line 17 or 2011 MI 1041 line 13 10 Tax Liability Limitation taxpayer may elect to forgo the carry forward period and receive a refund of 90 percent of the amount that exceeds the Taxpayer Name (If Unitary Business Group Name of Designated Member) Federal Employer Identification Number (FEIN) or TR Number Taxpayer Name field and the specific member of the UBG for which this form is filed on the line below taxpayers eligible for the federal Rehabilitation Credit under Internal Revenue Code (IRC) 47(a)(2) the Michigan credit the Certificate The credit is the lesser of the percentage of qualified expenditures or the credit ceiling established by the credit amount allowed is less than $250 000 a qualified The enhanced Credit is equal to a percentage of qualified expenditures not to exceed 15 percent established in a preapproval letter issued by the State Historic Preservation the initial assignment of the credit by the qualified taxpayer to the first assignee(s) and the subsequent reassignment by the first assignee(s) to reassignee(s) must be done in the tax year in which the certificate of completed rehabilitation is issued The Michigan Historic Preservation Credit is available to The Special Consideration Credit is equal to a percentage This credit provides tax incentives for homeowners commercial property owners and businesses to rehabilitate historic resources located in the State of Michigan those plans that earn Enhanced Credits The maximum amount of Special Consideration Credit that may be claimed during a tax year is $3 000 000 per project with the excess being carried forward until used up to a percentage of qualified expenditures not to exceed 15 percent recorded on the Certificate of Completion awarded To allow the eligible taxpayer to claim the Michigan Historic Preservation Tax Credit The credit is reported here and then carried to the Michigan Business Tax (MBT) Election of Refund or Carryforward of Credits (Form 4584) or if the credit is to be assigned to the MBT Historic Preservation Credit Assignment and Reassignment (Form 3614) the Individual Income Tax Schedule 2 Nonrefundable Credits or the Fiduciary Income Tax Return (Form MI 1041) to any assignee The credit assignment cannot be revoked but an assignee may subsequently reassign a credit or any portion of an assigned credit to one or more assignees Both To be completed by all filers claiming a Michigan Historic To claim credit include Form 3581 with the taxpayer s Michigan Individual Income Tax Return (Form MI 1040) Fiduciary Income Tax Return (Form MI 1041) Michigan Business Tax Annual Return (Form 4567) Insurance Company Annual Return for Michigan Business and Retaliatory Taxes (Form 4588) or Michigan Business Tax Annual Return for Financial Institutions (Form 4590) and attach the documents listed below to the return: to either 5 percent or 25 percent of qualified expenditures depending on the Certificate of Completion awarded by To obtain Treasury forms: Total nonrefundable credits from your 2011 Schedule 2 lines 1b 2b 3b 4b 5b 7 8b 9b and 10b or 2011 Form MI 1041 lines 14b 15b 16b 17b 18b 20b 21b and 22b 11 UBGs: Complete one form for each member for whom this credit applies Enter the Designated Member (DM) name in the Unitary Business Groups: Name of Unitary Business Group Member Reporting on This Form Federal Employer Identification Number (FEIN) or TR Number What Is the Historic Preservation Tax Credit? www michigan gov/shpo www michigan gov/treasuryforms www nps gov/hps/tps/tax/index htm