This bill amends the 1974 PA 198, which regulates the establishment of plant rehabilitation and industrial development districts, along with the associated tax exemptions and administrative processes. Key changes include a revised definition of "commencement," now defined as the date the first building or trade permit is issued, and the introduction of new terms such as "replacement" and "restoration" with specific criteria. The application process for industrial facilities exemption certificates is also modified, requiring local governmental units to provide written reasons for disapproval and to notify applicants of decisions. Additionally, the bill establishes deadlines for the approval of new exemption certificates and outlines the commission's responsibilities in ensuring compliance with the act.

Further amendments focus on the conditions for granting industrial facilities exemption certificates, emphasizing the need for owners of replacement facilities to address obsolete industrial properties through demolition or transfer. The bill clarifies that speculative buildings must be situated in designated districts and meet specific occupancy and construction timelines to qualify for exemptions. It also explicitly states that properties owned or operated by casinos are ineligible for tax abatements under this act. Notable insertions include the requirement for obsolete properties to "provide" for future use and the specification that certain facilities "must" be taxed as if they had been granted exemption certificates on specific dates, replacing previous language that indicated they "shall" be taxed. Overall, these amendments aim to streamline processes and enhance clarity regarding industrial development and tax exemptions.

Statutes affected:
Senate Introduced Bill: 207.553