MI HB5720

Amends the definition of "qualifying period" for business improvement zones to allow 7 to 10 calendar years of operation as determined in the zone petition, rather than a fixed term.

Specifies that business improvement zones created before June 28, 2018 have their 10-year qualifying period begin from the date of property owner approval.

Maintains existing definitions for assessable property, assessments, nonprofit corporations, property owners, zone areas, and zone plans under the business improvement zone framework.

Allows residential real property to be designated as assessable property only if the zone plan specifically includes it.

Takes effect immediately upon approval.