Loading chat...

MI SB0432

Bill

Official Source

Status

Passed

10/21/2020

Primary Sponsor

Kenneth Horn

Click for details

Origin

Senate

100th Legislature

AI Summary

  • Amends the Michigan Strategic Fund Act to clarify tax exemption provisions for nonprofit research and development enterprises receiving financial aid of $1,000,000 or more

  • Property (real or personal) leased, subleased, or owned by qualifying nonprofit research enterprises is exempt from general property taxes when used solely for performing or coordinating research and development in present and emerging technology

  • Tax exemption applies through December 31, 2024, provided the nonprofit research enterprise maintains its tax-exempt status under Internal Revenue Code section 501(c)(3)

  • Clarifies that working capital financing grants to research and development enterprises shall not exceed 10 years from the first grant's effective date through the last grant's expiration date

  • Effective immediately upon Governor's approval on October 15, 2020

Legislative Description

Economic development: Michigan strategic fund; tax exemption for entities receiving aid from the Michigan strategic fund; clarify. Amends sec. 74 of 1984 PA 270 (MCL 125.2074).

Economic development: economic development corporations

Last Action

Assigned Pa 0216'20 With Immediate Effect

10/21/2020

Committee Referrals

Ways And Means6/11/2020
Commerce And Tourism2/18/2020
Economic And Small Business Development8/20/2019

Full Bill Text

No bill text available