MI SB1067

Amends section 9f of the 1893 Property Tax Act to modify personal property tax exemptions for eligible businesses in designated districts.

Allows governing bodies of eligible local assessing districts or next Michigan development corporations to adopt resolutions exempting new personal property from tax collection for eligible businesses, effective December 31 following resolution adoption.

Requires state tax commission approval within 60 days to verify the business is eligible and located in an eligible district, with state treasurer and Michigan strategic fund president concurrence needed to determine exemption necessity for economic growth.

Extends exemptions for existing eligible businesses to acquiring businesses if the acquiring business purchases or leases assets and conducts similar operations at the same location, subject to additional approval after December 31, 2007.

Provides that eligible manufacturing personal property exempt on December 31, 2012 shall remain exempt under this section until the later of when it would be exempt under other manufacturing property exemptions or when the resolution exemption expires.