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Business Taxes
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What if the details of the project change? May a project be amended after a preapproval letter has been issued?
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Answer:
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If, after your project has been approved and you have received a preapproval letter but before the project is completed, you determine that the project cannot be completed as preapproved, you must petition the Department for projects approved under subsection (2) or the Michigan Economic Growth Authority for projects approved under subsection (3) to amend the project.
The total of eligible investment and credit for the project as amended may not exceed the amount allowed in the preapproval letter for that project.
The decision to approve or deny your petition to amend the project will be based on the same criteria used to approve the original project, e.g., the overall benefit to the public, the extent of reuse of vacant buildings and redevelopment of blighted property, the creation of jobs, the level and extent of contamination alleviated by the qualified taxpayer's eligible activities on the project site, the level of private sector contribution, whether the financial statements of the qualified taxpayer indicate that it is financially sound and that the project is economically sound.
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