MI SB0493

Allows qualified taxpayers (anchor companies) to claim a credit of up to 5.0% of the taxable value of qualified suppliers' or qualified customers' property located within a 10-mile radius or in the same/adjacent county within an approved industrial site, for up to 5 years.

Limits credit to 2.5% of taxable value for properties subject to specific taxes under the 1974 PA 198.

Restricts Michigan Economic Growth Authority to designating no more than 5 new anchor companies per calendar year and approving no more than 5 new credits per calendar year, with anchor companies having 5 years to seek certification.

Requires Michigan Economic Growth Authority to issue a certificate to claim the credit and disclose qualified customers to legislative leadership and relevant committee chairs by July 1 each year.

Allows excess credits to be refunded or carried forward for up to 5 years; penalties for non-compliance include credit reduction, termination, or addition of previously claimed credits back to tax liability.