Form 3581 Michigan Historic Preservation Tax Credit - Michigan

What Is Form 3581?

This is a legal form that was released by the Michigan Department of Treasury - a government authority operating within Michigan. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 3581?
A: Form 3581 is the Michigan Historic PreservationTax Credit form.

Q: What is the Michigan Historic Preservation Tax Credit?
A: The Michigan Historic Preservation Tax Credit is a tax incentive program that encourages the rehabilitation of historic properties.

Q: Who is eligible to claim the Michigan Historic Preservation Tax Credit?
A: Individuals, corporations, and partnerships who have incurred eligible expenses for the rehabilitation of a historic property in Michigan are eligible to claim the tax credit.

Q: What expenses are eligible for the tax credit?
A: Eligible expenses include costs related to the rehabilitation of a historic property, such as construction, architectural and engineering fees, and certain other expenses.

Q: How much is the tax credit?
A: The tax credit is equal to 25% of eligible expenses for the rehabilitation of a commercial historic property, and 20% for the rehabilitation of a residential historic property.

Q: What is the maximum amount of the tax credit?
A: The maximum amount of the tax credit for a single project is $5 million.

Q: How can I claim the tax credit?
A: To claim the tax credit, you must complete Form 3581 and attach it to your Michigan state income tax return.

Q: Are there any deadlines for claiming the tax credit?
A: Yes, the deadline for claiming the tax credit is generally the same as the deadline for filing your Michigan state income tax return.

Q: Are there any additional requirements or limitations for claiming the tax credit?
A: Yes, there are certain additional requirements and limitations for claiming the tax credit, such as the property must be listed on the National Register of Historic Places, and the rehabilitation work must meet certain standards and guidelines.