Economic development: other; state essential services assessment act; amend to reflect elimination of the Michigan strategic fund. Amends secs. 3 & 9 of 2014 PA 92 (MCL 211.1053 & 211.1059). TIE BAR WITH: SB 0631'25
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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 State Essential Services Assessment Act to eliminate the Michigan Strategic Fund and its associated processes. Specifically, it amends sections 3 and 9 of 2014 PA 92 (MCL 211.1053 and 211.1059) to remove the fund's role in exempting certain personal property from the assessment. The bill outlines a process for determining acquisition cost and establishes criteria for exemptions, previously handled by the fund.
Key provisions
- Eliminates the Michigan Strategic Fund and its associated processes.
- Amends sections 3 and 9 of 2014 PA 92 to reflect the fund’s removal.
- Details rules for determining ‘acquisition cost’ for specific types of personal property, including those previously exempt under the Michigan Renaissance Zone Act and the Strategic Fund.
- Establishes criteria for exemptions from the state essential services assessment, previously managed by the Michigan Strategic Fund.
- Requires a business plan or demonstration of $25 million in investment in eligible personal property within five years for exemption approval.
- Specifies a process for application, approval, and compliance, including an audit provision.
- Allows the fund board to charge fees for administering exemption programs.
- States that existing resolutions and agreements related to the Strategic Fund remain valid until enacted into law alongside SB 0631.
Who is affected
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