MI SB1065

Removes Section 31 of the Income Tax Act of 1967 from tax exemptions available to renaissance zone residents and businesses, keeping only Section 31a (MCL 206.31a).

Implements a phased reduction of tax exemptions during the final 3 years of renaissance zone designation: 25% reduction in year 2, 50% reduction in year 1, and 75% reduction in the final year.

Allows portions of renaissance zones included in transformational brownfield plans to exempt certain income tax provisions (Section 1(b) and (c)) from the phased reduction requirement, with approval from the Michigan Strategic Fund and applicable city.

Maintains full tax exemptions and deductions for renaissance zone residents and businesses during the designation period, including business taxes, income taxes, city income taxes, utility taxes, and property taxes.