MI SB1034

Increases the acreage limit for qualified forest property eligible for school operating tax exemption from 1,200,000 acres (through fiscal year 2018) to 2,500,000 acres starting in fiscal year 2019.

Property withdrawn from natural resource protection programs or transitioning from temporary tax status can now qualify for exemption without counting against the statewide acreage cap, effective fiscal year 2013 and thereafter.

Allows property owners who completed 5 years under the transitional qualified forest property specific tax to automatically transition to the full exemption if they execute a recordable affidavit and meet other requirements.

Maintains exemption requirements including 20+ contiguous acres with approved forest management plans, 2 mill annual fee collection for the private forestland enhancement fund, and penalties for non-compliance with reporting and management plan deadlines.