MI HB5502

Qualifies new personal property used in industrial processing or direct integrated support for tax exemption beginning December 31, 2015, if properly claimed under the specified procedures.

Requires combined exemption claims to be filed by February 20 each year (or next business day if that date falls on a weekend/holiday) with township or city assessor, with late filings allowed before the March board of review's final adjournment.

Exemption remains in effect for years after 2023 until property no longer qualifies as eligible manufacturing personal property; owners must rescind claims by February 20 when property becomes ineligible.

Establishes penalties including corrected/supplemental tax bills with 1% monthly interest and late penalties for owners who fail to rescind exemptions for ineligible property.

Act takes effect immediately upon enactment but only if House Bills 5504, 5505, and 5503 of the 101st Legislature are also enacted into law (tie-bar provision).