Summary of SB 267

• Adds "existing facility" to the definition of facilities eligible for industrial property tax exemptions, defined as industrial property that has been vacant for 3+ years or became vacant due to bankruptcy of the most recent occupant.

• Prohibits approval of new exemption certificates for existing facilities beginning December 30, 2013, effectively ending this category of eligibility.

• Expands the definition of "facility" in the plant rehabilitation and industrial development district law to include existing facilities alongside replacement facilities, new facilities, and speculative buildings.

• Allows Next Michigan Development Corporations to establish and operate plant rehabilitation and industrial development districts, treating them as local governmental units for purposes of the act.

• Includes multiple specific transition provisions and exemptions for particular facilities and applications filed during specified time periods to address historical cases and maintain continuity for existing projects.