MI HB5327

Allows governing bodies of eligible local assessing districts to adopt resolutions exempting new personal property owned or leased by eligible businesses from tax collection in designated eligible districts or distressed parcels.

Exemptions become effective December 31 following resolution adoption and continue for the period specified in the resolution, but no exemptions may be granted after December 31, 2012 for certain eligible districts or local assessing districts.

Requires state tax commission approval within 60 days and state treasurer approval with Michigan strategic fund president concurrence, based on determinations that the exemption is necessary to reduce unemployment, promote economic growth, and increase capital investment.

Permits exemptions granted to existing eligible businesses to continue for acquiring eligible businesses that purchase or lease assets, subject to approval by the eligible local assessing district governing body after December 31, 2007.

Defines key terms including "eligible business" (manufacturing, mining, research and development, wholesale trade, office operations, and certain facilities, excluding casinos and retail establishments) and "eligible district" (various development zones and areas containing eligible taxpayers).