The Michigan Film Office in Lansing has stopped accepting tax incentive applications. Apparently, incentives are, indeed, going to be capped at $25 Million.
http://www.detnews.com/article/20110930/BIZ/109300452/Film-office-stops-taking-incentive-applications
Major Hollywood productions began drying up right around the time that Governor Snyder announced his desire to restructure, including drastically reducing, the film tax credit. My guess is that it will be a long time before medium to large budget Hollywood movies (such as Trust, Machine Gun Preacher or Scream 4) come to our area. Hopefully I am wrong.