MI SB0126

Expands definition of "industrial property" eligible for tax exemptions to include electric generating plants fueled by biomass created before July 1, 2010, if located on a remediated federal superfund site and proven not to adversely affect local wood supply.

Adds convention and trade centers as eligible industrial property if construction begins by December 31, 2010 and meets size requirements: over 250,000 square feet statewide, over 100,000 square feet in counties with 750,000-1,100,000 population, or over 30,000 square feet in counties with 26,000-28,000 population.

Defines new categories of qualifying facilities including logistical optimization centers supporting automotive assembly plants, motorsports entertainment complexes with at least 70,000 seats and specified event requirements, and major distribution/logistics centers of at least 250,000 square feet within 35 miles of state borders.

Includes federal reserve banks located in cities with populations of 750,000 or more as eligible industrial property under the exemption program.

Effective immediately upon Governor's approval on January 4, 2010.