MI SB0787

Exempts eligible hydroponics production facilities (at least 1 acre) and eligible aquaculture production facilities (at least 10,000 square feet) from ad valorem property taxes for taxes levied after December 31, 2014.

Imposes a new specific tax on owners of these facilities equal to 25% of the mills that would be assessed under normal property tax law, plus any new millages approved after the act's effective date.

Requires local assessors to annually determine the taxable value of each eligible facility as of December 31.

Directs collecting officers to disburse the specific tax revenue to state and local taxing units at the same times and proportions as regular property tax distributions.

Takes effect only if Senate Bill No. 786 is also enacted into law.