MI SB0829

Establishes the "state essential services assessment act" levying a specific tax on eligible personal property owned by exempt organizations beginning January 1, 2016.

Tax rates based on acquisition cost: 2.4 mills for property acquired 1-5 years prior, 1.25 mills for 6-10 years prior, and 0.9 mills for property acquired more than 10 years prior.

Department of Treasury administers collection with September 15 annual deadline; failure to pay results in 1% weekly penalty (up to 5%) and potential rescission of property tax exemptions.

Michigan Strategic Fund board may exempt eligible personal property if claimant invests minimum $25,000,000 in additional eligible personal property during agreement term.

Repeals the local unit of government essential services special assessment act (2012 PA 406) and ties effectiveness to voter approval of Senate Bill 822 in the August 2014 election.