MI SB0500

Expands definition of "speculative building" to include existing industrial buildings that have been unoccupied for at least 4 years, located in counties with populations between 22,000-24,500 containing a city with over 3,600 people, and in industrial development districts created before January 1, 2011.

Limits one industrial facilities exemption certificate per existing building on an improved industrial parcel used for manufacturing, with the building presumed constructed within 9 years of application filing.

Establishes grounds for revoking industrial facilities exemption certificates if replacement or new facilities are not completed within 2 years of certificate effectiveness, speculative buildings are not completed within 2 years of certificate issuance, or the certificate holder fails to proceed in good faith with the project.

Allows the state tax commission to reinstate revoked exemption certificates for the original holder or a subsequent owner if the facility continues to qualify under the act and the local governmental unit submits a resolution of concurrence.

Provides notice and hearing procedures for certificate revocation involving the certificate holder, local legislative body, assessor, and representatives of taxing units.