Senate Bill No. 376 Summary

• Amends the Plant Rehabilitation Districts and Industrial Development Districts Act (1974 PA 198) to redefine "local governmental unit" to include Next Michigan development corporations.

• Expands the definition of "industrial property" to include property used by Next Michigan development corporations for eligible next Michigan businesses as defined in the Michigan Economic Growth Authority Act.

• Adds new definitions including "logistical optimization center," "qualified commercial activity," "motorsports entertainment complex," and "major distribution and logistics facility" to clarify what types of facilities qualify for tax exemptions.

• Specifies that for Next Michigan development corporations, industrial property is limited to property used in operation of eligible next Michigan businesses, with industrial property still excluding land, public utility property (except certain electric generating plants), and inventory.