Economic development: other; the general property tax act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 9f of 1893 PA 206 (MCL 211.9f). TIE BAR WITH: SB 0631'25, SB 0659'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan General Property Tax Act to eliminate the Michigan Strategic Fund’s role in property tax exemptions for businesses. It amends section 9f to remove the requirement for the Strategic Fund’s approval when granting exemptions to eligible businesses located in eligible districts or Next Michigan development districts. The bill also establishes specific requirements for written agreements with businesses receiving exemptions and outlines criteria for continued exemption, including potential revocation if the business violates the agreement. It also clarifies definitions related to eligible districts and businesses.
Key provisions
- Removes the Michigan Strategic Fund’s approval requirement for property tax exemptions.
- Requires written agreements with businesses receiving exemptions, including provisions for revocation if violations occur.
- Defines ‘Eligible business’ and ‘Eligible district’ more precisely.
- Specifies criteria for continued exemption, including approval by the governing body of the local assessing district.
- Addresses exemptions for acquiring eligible businesses.
- Clarifies the definition of ‘New personal property’.
- Establishes requirements for reporting eligible personal property.
- Addresses exemptions for eligible manufacturing personal property.
Who is affected
- Businesses located in eligible districts or Next Michigan development districts
- Local assessing districts and Next Michigan development corporations
Bill text
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- Senate Introduced Bill
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