MI HB4553

Exempts qualified new manufacturing personal property from property tax collection beginning December 31, 2015, requiring owners to file affidavits with local assessors by February 20 of the first claim year.

Exempts qualified previously existing manufacturing personal property (placed in service more than 10 years prior) from property tax collection beginning December 31, 2015, subject to the same affidavit filing requirements as new property.

Defines "eligible manufacturing personal property" as personal property predominantly used in industrial processing or direct integrated support, calculated using a formula comparing the original cost of qualifying property to total property on the site.

Modifies the personal property tax exemption under section 9f to allow continuation of exemptions when eligible businesses are acquired or lease property, with state approval required for acquisitions after December 31, 2007.

Requires annual transmission of exemption affidavits and rescission notices to the Department of Treasury by April 1, and exempts filers from annual personal property statements under section 19 beginning in 2016 or 2017 depending on prior filing compliance.