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MI SB0696
Bill
AI Summary
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Adds Section 5a allowing authorities to exempt eligible tax reverted property from the eligible tax reverted property specific tax if the exemption assists in job creation, investment, or other economic development benefits in the local jurisdiction.
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Property exempt under Section 5a remains subject to collection of taxes under the general property tax act (1893 PA 206, MCL 211.1 to 211.155).
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Modifies Section 5 to clarify that the eligible tax reverted property specific tax is levied "except as otherwise provided in section 5a," establishing the new exemption authority.
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Repeals Section 6 of the Tax Reverted Clean Title Act (2003 PA 260, MCL 211.1026).
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Corrects statutory references from MCL 211.1 to 211.157 to MCL 211.1 to 211.155 in multiple sections.
Legislative Description
Economic development; other; exemption of certain parcels from the eligible tax reverted property specific tax; provide for. Amends sec. 5 of 2003 PA 260 (MCL 211.1025); adds sec. 5a & repeals sec. 6 of 2003 PA 260 (MCL 211.1026).
Economic development, other
Last Action
Referred To Committee On Economic Development
9/27/2011