MI SB1084

Allows governing bodies of eligible local assessing districts or next Michigan development corporations to adopt resolutions exempting new personal property owned or leased by eligible businesses from property tax collection.

Exemptions become effective on December 31 following resolution adoption and continue for a period specified in the resolution, but cannot be granted after December 31, 2012 for certain eligible districts.

Requires state tax commission approval within 60 days to verify the business is eligible and located in an eligible district, with final approval by the state treasurer and Michigan strategic fund president based on economic benefit determination.

For next Michigan development corporations, exemptions require a written agreement with the business containing remedy provisions including revocation rights and potential repayment requirements if the business violates agreement terms.

Takes effect only if House Bill No. 5349 of the 95th Legislature is enacted into law.