MI SB0115

Amends the Renaissance Zone Act to allow portions of renaissance zones included in transformational brownfield plans to opt out of state income tax and city income tax exemptions upon request by the property owner, local government, Michigan strategic fund approval, and city income tax levying authority approval.

Revenue collected from the opted-out income tax exemptions in transformational brownfield plan areas must be transmitted according to the brownfield redevelopment financing act.

Maintains existing exemptions from business taxes, property taxes, utility taxes, and other specified taxes for renaissance zone properties unless they are part of an approved transformational brownfield plan election.

Preserves the three-year phase-out schedule for all exemptions, deductions, and credits at the conclusion of renaissance zone designation, with reductions of 25%, 50%, and 75% in the final three years.

Takes effect 45 days after enactment, with approval and filing dates of June 8-9, 2017, and an effective date of July 24, 2017.