Bill Text: MI HB5813 | 2023-2024 | 102nd Legislature | Introduced

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Bill Title: Economic development: downtown development authorities; exemption from real estate transfer taxes; modify to reflect repeal of the state real estate transfer tax act. Amends sec. 228a of 2018 PA 57 (MCL 125.4228a). TIE BAR WITH: HB 5811'24

Spectrum: Partisan Bill (Republican 22-0)

Status: (Introduced) 2024-06-13 - Bill Electronically Reproduced 06/12/2024 [HB5813 Detail]

Download: Michigan-2023-HB5813-Introduced.html

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HOUSE BILL NO. 5813

A bill to amend 2018 PA 57, entitled

"Recodified tax increment financing act,"

by amending section 228a (MCL 125.4228a).

the people of the state of michigan enact:

Sec. 228a. Beginning January 1, 2010, the authority shall be exempt from all taxation on its earnings or property. Instruments of conveyance from an authority are exempt from transfer taxes under 1966 PA 134, MCL 207.501 to 207.513. , and the state real estate transfer tax act, 1993 PA 330, MCL 207.521 to 207.537.

Enacting section 1. This amendatory act does not take effect unless Senate Bill No.____ or House Bill No. 5811 (request no. 03473'23) of the 102nd Legislature is enacted into law.