This bill amends the General Property Tax Act of 1893, specifically section 9f, to provide a framework for exempting new personal property owned or leased by eligible businesses from property taxes. The governing body of an eligible local assessing district or a Next Michigan development corporation can adopt a resolution to grant this exemption, which must be communicated to the relevant taxing units. The exemption becomes effective on December 31 following the resolution's adoption and remains in effect for a specified period, contingent upon the approval of the state tax commission and the state treasurer, who must determine that the exemption is necessary for economic growth and job creation.

Key changes in the bill include the replacement of references to the "president of the Michigan strategic fund" with the "director of the bureau" in multiple sections, indicating a shift in oversight responsibilities. Additionally, the bill introduces new definitions and clarifications regarding eligible businesses, personal property, and the conditions under which exemptions can be granted or revoked. The bill also emphasizes the need for written agreements with businesses receiving exemptions, which must include provisions for revocation if the terms are violated. Overall, the amendments aim to streamline the process for tax exemptions while ensuring accountability and compliance with economic development goals.

Statutes affected:
Senate Introduced Bill: 211.9