Michigan Treasury Issues Bulletin on Farmland Preservation Income Tax Credit Eligibility Requirements

The Michigan Department of Treasury Dec. 29 issued a revenue administrative bulletin on Farmland Preservation Tax Credit eligibility requirements for individual income, corporate income, and trust income tax purposes. The bulletin includes: 1) property owners may receive the credit in exchange for land development restrictions that they impose through an agricultural conservation easement or a development rights agreement to ensure that farmland remains in agricultural use; 2) a property subject to an agricultural conservation easement and a property owner subject to a development rights agreement may be eligible for the credit; 3) information on credit calculation and claim application; 4) ...