The bill amends the State Education Tax Act, specifically sections 2 and 3, to update definitions and tax provisions. It replaces the reference to the "General Property Tax Act" with the updated citation of "1893 PA 206, MCL 211.1 to 211.155." Additionally, it clarifies 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 from the state education tax, including personal property classified as industrial personal property and certain turbines, while specifying that starting December 31, 2026, properties owned by individuals without dependents utilizing public education services will also be exempt.

Furthermore, the enactment of this amendatory act is contingent upon the passage of three related bills from the 103rd Legislature. These bills are House Bill No. 5376, House Bill No. 5377, and House Bill No. 5379, which must all be enacted for this amendment to take effect.

Statutes affected:
House Introduced Bill: 211.902, 211.903