MI SB1071

Exempts qualified previously existing personal property from tax collection beginning December 31, 2015 and each year thereafter.

Requires property owners to file an affidavit with the local tax collecting unit and Department of Treasury by February 20 to claim the exemption, with filing required only once in the first year of exemption.

Defines eligible manufacturing personal property as items used more than 50% of the time in industrial processing or direct integrated support, calculated by weighted true cash value.

Specifies qualified previously existing personal property must have been subject to or exempt from Michigan taxes for the immediately preceding 10 years, or would have been if located in Michigan.

Repeals section 9n if House Bill 6026 is not approved by a majority of Michigan voters at the August 2014 election.