MI SB0097

Adds new industrial processing exemption categories for aggregate production and processing activities that use aggregate as ingredient or component for construction, maintenance, repair, or reconstruction of real property in Michigan.

Requires Department of Treasury to cancel all outstanding balances on notices of intent to assess and final assessments issued before the effective date related to the newly added industrial processing activities and aggregate property exemptions within 90 days.

Prohibits Department of Treasury from issuing new assessments for tax periods before the effective date on the newly added industrial processing activities and aggregate property for any open statute of limitations period.

Defines "aggregate" as common variety building materials including sand, gravel, crushed stone, slag, recycled concrete, recycled asphalt, and geosynthetic aggregates.

Effective date of May 8, 2023 contingent on enactment of House Bill 4054; includes legislative intent to annually appropriate sufficient state general fund monies to school aid fund to compensate for any revenue loss from this act.