MI SB0501

Amends the Plant Rehabilitation and Industrial Development Districts Act to expand the definition of facilities eligible for industrial facilities exemption certificates to include "existing facilities" in addition to speculative buildings, new facilities, and replacement facilities.

Modifies tax calculation methods for existing facilities, providing that industrial facility taxes are computed using 1/2 of applicable mill rates rather than full rates for certificates issued after December 31, 1993.

Allows local governmental units to exempt qualified start-up businesses from industrial facility taxes for up to 5 nonconsecutive years, with exemptions tied to special assessments and certain property taxes.

Establishes that industrial facilities exemption certificates for existing facilities remain valid for up to 12 years from the date of issuance, and permits certificate holders to apply for renewal certificates within specified timeframes.

Permits partial revocation of certificates for real property or personal property components separately, and allows reinstatement of revoked certificates upon written request and local government concurrence if the facility continues to qualify.