MI HB4788

Creates a new "replacement electric distribution infrastructure specific tax" on utility personal property that replaces depreciated electric distribution infrastructure (poles, wires, conductors, switches, capacitors, etc.) installed by regulated electric utilities or cooperative electric utilities

Exempts qualified replacement electric distribution infrastructure from standard ad valorem property taxes for taxes levied after December 31, 2025

Sets the specific tax rate at 30 mills applied to the taxable value of the replaced depreciated infrastructure in the year immediately before replacement, with annual adjustments based on the Consumer Price Index

Requires tax revenue to be distributed to state and local taxing units (cities, townships, villages, school districts, counties) in the same proportions as regular property taxes

Applies only to replacement infrastructure that serves a similar function and does not expand service territory beyond the original footprint; excludes generation facilities and transmission systems