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MI HB5813

Bill

Official Source

Status

Introduced

6/12/2024

Primary Sponsor

Donni Steele

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Modifies the tax exemption for downtown development authorities under the Recodified Tax Increment Financing Act to remove the reference to the state real estate transfer tax act
  • Removes the exemption from the state real estate transfer tax act (1993 PA 330, MCL 207.521 to 207.537) from Section 228a, keeping only the exemption from transfer taxes under 1966 PA 134
  • Maintains the authority's exemption from all taxation on its earnings or property and exemption from transfer taxes under 1966 PA 134, effective January 1, 2010
  • Requires either Senate Bill No. ____ or House Bill No. 5811 to be enacted into law for this amendment to take effect

Legislative Description

Economic development: downtown development authorities; exemption from real estate transfer taxes; modify to reflect repeal of the state real estate transfer tax act. Amends sec. 228a of 2018 PA 57 (MCL 125.4228a). TIE BAR WITH: HB 5811'24

Economic development: downtown development authorities

Last Action

Bill Electronically Reproduced 06/12/2024

6/13/2024

Committee Referrals

Tax Policy6/12/2024

Full Bill Text

No bill text available