MI HB5461

Amends Michigan's Plant Rehabilitation and Industrial Development Districts Act (1974 PA 198) to expand the definition of "speculative building" to include buildings constructed for warehousing or distribution facilities, in addition to manufacturing facilities.

Speculative buildings eligible for industrial facilities exemption certificates must be owned by or approved by a local governmental unit, or owned by a development organization, and constructed before identifying a specific user.

Existing buildings may qualify as speculative buildings if they have been unoccupied for at least 4 years, are in an industrial development district created before January 1, 2011, and are in counties with population between 22,000 and 24,500 containing a city with population over 3,600.

Makes technical formatting changes to the definition of "restoration," reorganizing the list of qualifying major renovations (floor loads, building height, equipment, structural support, roof, floors, walls, etc.) into a numbered sublist format.