HB 5096 Summary

• Amends the Renaissance Zone Act to add new definitions including "agricultural processing facility," "border crossing facility," "eligible next Michigan business," and "multimodal commerce" to expand eligible business types for zone designation.

• Allows the Michigan Strategic Fund Board to designate up to 27 additional renaissance zones (plus eligible zones under Section 4(5)) with flexibility for alternative energy zones (20-year duration), redevelopment zones, and pharmaceutical recovery zones.

• Permits qualified local governmental units to extend the duration of existing renaissance zone status through December 31, 2002 and again beginning October 1, 2023, subject to board approval and written development agreements.

• Clarifies that renaissance zone designation takes effect January 1 following approval (or December 31 of approval year for certain tax exemptions), with the board able to select beginning dates for Section 8a(2) designations within 5 years of approval.

• Maintains state reimbursement to intermediate school districts, local school districts, community colleges, and public libraries for tax revenue lost due to property exemptions under the act, subject to appropriation and prorated if insufficient funding.