The bill amends the State Education Tax Act, specifically sections 2 and 3, to update definitions and tax provisions. It clarifies that the "General Property Tax Act" refers to 1893 PA 206, MCL 211.1 to 211.155, replacing the previous reference to Act No. 206 of the Public Acts of 1893. Additionally, it modifies the state education tax rate, which is set at 6 mills for most properties, with a temporary reduction to 5 mills for the year 2003. The bill also introduces new exemptions for certain properties, including residential real property and qualified agricultural property, effective after December 31, 2025.

Furthermore, the bill specifies that personal property classified as industrial personal property is exempt from the state education tax, with an exception for turbines used for electricity generation that are not eligible for this exemption starting December 31, 2011. The enactment of this amendatory act is contingent upon the passage of another related bill in the 103rd Legislature.

Statutes affected:
House Introduced Bill: 211.902, 211.903