MI HB5525

Modifies the definition of "acquisition cost" for personal property subject to the state essential services assessment, including reduced valuations for property with industrial facilities exemptions and renaissance zone exemptions.

Requires eligible claimants to file a combined document annually by February 20 that includes exemption claims, fair market value reports, and property acquisition information with local assessors, who must transmit it to the Department of Treasury by April 1.

Establishes filing and payment deadlines: eligible claimants must certify statements and pay assessments by August 15, with a September 15 first-year penalty waiver and October 15 final payment deadline subject to 1% weekly penalties up to 5% maximum.

Authorizes the Michigan Strategic Fund Board to exempt eligible personal property from the assessment for eligible claimants agreeing to invest a minimum of $25,000,000 in additional personal property in Michigan, with written agreements requiring compliance verification and repayment provisions for non-compliance.

Directs proceeds from the assessment to the general fund and requires the legislature to appropriate funds annually to cover the Department of Treasury's implementation costs beginning in fiscal year 2014-2015.