The bill amends the General Property Tax Act of 1893 by introducing a new section, 9q, which establishes a tax exemption for personal property classified as industrial or commercial that qualifies as a hydrogen fuel pump. This exemption will apply to taxes levied after December 31, 2025, and defines a "qualified hydrogen fuel pump" as a device for filling motor vehicles with hydrogen fuel that meets specific pressure standards (H35 or H70). Additionally, the bill modifies existing language in sections 27 and 34d, particularly regarding the definition of "true cash value" and the treatment of normal maintenance and repairs in property assessments, to encourage the adoption of hydrogen fuel technology through financial incentives.

Moreover, the bill outlines amendments to the property tax assessment process, focusing on the determination of taxable value in relation to environmental contamination and public services. It requires the Department of Environment, Great Lakes, and Energy to assess remediation levels based on existing records when requested by local tax collecting units. The bill also clarifies definitions related to property assessments, including "losses" and "new construction and improvements," and establishes guidelines for calculating millage reduction fractions for local governments. It ensures that any changes in taxable value due to state equalization are accurately reflected, with the enactment of this bill contingent upon the passage of House Bill No. 4112.

Statutes affected:
House Introduced Bill: 211.27, 211.34