Economic development: commercial redevelopment; commercial rehabilitation act; modify. Amends secs. 2, 6, 7, 14 & 16 of 2005 PA 210 (MCL 207.842 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, the Commercial Rehabilitation Act, modifies existing laws to support economic development through the creation and revitalization of commercial properties. It establishes a process for qualifying facilities, defines key terms like ‘commercial property’ and ‘rehabilitation,’ and creates a commercial rehabilitation exemption certificate to reduce property taxes for eligible businesses. The act also outlines reporting requirements for local governments regarding the impact of these exemptions.
Key provisions
- Defines key terms such as ‘commercial property,’ ‘qualified facility,’ and ‘commercial rehabilitation district.’
- Establishes a process for issuing commercial rehabilitation exemption certificates.
- Specifies criteria for qualifying facilities, including age, tax credit status, and location.
- Outlines the scope of ‘rehabilitation’ activities required to qualify for the exemption.
- Requires local governments to report on the status of exemptions annually.
- Sets a deadline of December 31, 2025, for new exemption applications.
- Allows existing exemptions to continue until their expiration date.
- Clarifies that demolition activity does not constitute the start of rehabilitation.
Who is affected
- Businesses seeking property tax relief
- Local governments (cities, villages, townships)
- Property owners of commercial properties
Bill text
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Document of record
- Version
- Senate Introduced Bill
- Published
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