MI SB0722

Extends the maximum duration of commercial rehabilitation exemption certificates from 10 years to 12 years for property tax exemptions on rehabilitated commercial facilities

Extends the sunset date for granting new exemptions under the Commercial Rehabilitation Act from December 31, 2025 to December 31, 2035

Allows the State Tax Commission to issue certificates with an effective date in the same year the application is received if completed before October 31, and permits amended applications to correct errors while maintaining the original effective date

Changes the annual reporting deadline for local governmental units to report on exemption status from October 15 to June 15 each year

Clarifies and reorganizes definitions including "commencement" of rehabilitation (tied to first building permit issuance), "qualified facility," and "rehabilitation" while removing requirements for legal property descriptions and completion timelines from certificate contents