SB 0722
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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- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the Commercial Rehabilitation Act to provide incentives for the redevelopment and rehabilitation of older commercial properties. It establishes a ‘Commercial Rehabilitation District’ and offers exemption certificates to qualifying facilities, primarily focusing on older buildings (15 years or older) or those with new markets tax credits. The bill also clarifies definitions related to ‘qualified facility,’ ‘underserved area,’ and ‘rehabilitation,’ and outlines reporting requirements for local governments granting these exemptions.
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