Economic development: commercial redevelopment; commercial redevelopment act; modify. Amends secs. 9, 12a, 16 & 18 of 1978 PA 255 (MCL 207.659 et seq.).
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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 Commercial Redevlopment Act by adjusting rules related to property tax exemptions for facilities receiving commercial facilities exemption certificates. Specifically, it clarifies the duration of these certificates, outlines procedures for reviewing and potentially extending them, and addresses errors in applications. It also impacts the state education tax and requires local governments to report on the economic impact of exemptions.
Key provisions
- Clarifies the duration of commercial facilities exemption certificates, allowing for extensions up to 12 years.
- Establishes criteria for reviewing certificate extensions.
- Allows for amended applications to correct errors in initial applications.
- Modifies the state education tax by allowing for a temporary reduction of up to 1/2 of the mills levied on a facility.
- Limits the number of exclusions granted under the state education tax reduction.
- Requires local governments to report on the economic impact of exemptions annually.
- Postpones the granting of new exemptions after December 31, 2025.
- Exemptions already in effect continue until their certificate expiration date.
Who is affected
- Local governmental units
- Businesses receiving commercial facilities exemption certificates
- Property owners
- Taxpayers
- The State Treasurer
Bill text
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Document of record
- Version
- Senate Introduced Bill
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