HB 6056 Summary

• Allows eligible local assessing districts and next Michigan development corporations to adopt resolutions exempting new personal property from property tax collection if owned/leased by eligible businesses in eligible districts or distressed parcels.

• Exemptions become effective December 31 following resolution adoption and continue for a specified period, but no new exemptions may be granted after December 31, 2012 for certain eligible districts and local assessing districts.

• Requires state tax commission approval within 60 days, and state treasurer and Michigan strategic fund president approval based on determining the exemption reduces unemployment, promotes economic growth, increases capital investment, or provides net benefit to the state.

• Establishes that eligible manufacturing personal property exempt on December 31, 2011 remains exempt until it would otherwise be exempt under sections 9m, 9n, or 9o.

• Defines terms including "eligible business" (manufacturing, mining, research, wholesale trade, office operations), "eligible district" (industrial development districts, renaissance zones, enterprise zones, and other designated areas), and "new personal property" (property not previously subject to tax or in service in Michigan).