Economic development: plant rehabilitation; HOPE zone exemption; provide for. Amends sec. 11 of 1974 PA 198 (MCL 207.561). TIE BAR WITH: HB 5852'26, HB 5856'26

Summary

The bill creates an industrial facility tax and an administrative fee on owners of speculative, new, or replacement buildings that have an industrial exemption certificate, collecting the money the same way local property taxes are collected and sending it to state and local funds, including school aid. It also exempts facilities located in designated Renaissance or HOPE zones, except for portions tied to special assessments or certain other taxes. The changes affect facility owners, local tax collectors, school districts and the state treasury.

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