MI SB0359

Exempts qualified new personal property from tax collection beginning December 31, 2015, when proper exemption claims are filed under Section 9m.

Exempts qualified previously existing personal property from tax collection beginning December 31, 2015, when proper exemption claims are filed under Section 9n.

Requires annual combined document filing with assessors by February 20 each year, containing exemption form, fair market value report, and year of acquisition for the first owner.

Allows late filing for 2016 (by May 31, 2016) and 2017 (by May 31, 2017) if initial deadline was missed, with assessor authority to deny claims for ineligible or incomplete filings.

Defines eligible manufacturing personal property as equipment predominantly used (more than 50%) in industrial processing or direct integrated support activities, excluding utility property and electricity generation/transmission equipment.