MI HB6572

Establishes the "Adverse Construction Specific Tax Act" to levy a specific tax on eligible businesses exempt from ad valorem property taxes under section 7oo of the General Property Tax Act.

Exempts real and personal property of eligible businesses from general ad valorem property taxes while subjecting them to a new specific tax calculated at 50% of the mills that would normally be assessed on the property.

Tax is collected annually on the same schedule and through the same officers as regular property taxes, with revenues distributed to state and local taxing units in the same proportions as general property taxes.

Property located in Renaissance Zones is exempt from the adverse construction specific tax except for portions attributable to taxes under section 7ff of the General Property Tax Act.

Unpaid taxes are subject to forfeiture, foreclosure, and sale procedures identical to delinquent general property taxes; enactment is contingent on passage of House Bill 6571.