MI SB0537

Restructures the definition of "industrial property" in MCL 207.552 by converting it from prose format to subsections (a)-(j) listing nine specific categories of qualifying activities.

Removes the requirement that "qualified commercial activity" be located in a county that borders another state or Canada, expanding eligibility for this tax exemption category.

Adds "of 1986" to the reference to Internal Revenue Code section 41 and standardizes capitalization of federal agency names (Environmental Protection Agency, Department of Energy, Office of Management and Budget).

Renumbers all definitions following "industrial property" from subsections (8)-(17) to subsections (9)-(18) to accommodate the restructured industrial property definition.

Clarifies that "Industrial property does not include land" and maintains existing exclusions for public utility property (except certain electric generating plants) and inventory.