Bill Text: MI SB1065 | 2015-2016 | 98th Legislature | Introduced
Bill Title: Economic development; renaissance zones; exemption of certain taxes; modify. Amends sec. 9 of 1996 PA 376 (MCL 125.2689).
Spectrum: Slight Partisan Bill (Republican 8-5)
Status: (Engrossed - Dead) 2016-11-29 - Referred To Committee On Local Government [SB1065 Detail]
Download: Michigan-2015-SB1065-Introduced.html
SENATE BILL No. 1065
September 7, 2016, Introduced by Senators BIEDA, HORN, STAMAS, BRANDENBURG, MACGREGOR, KNEZEK, WARREN, YOUNG, SCHMIDT, KOWALL, HERTEL, ZORN and JONES and referred to the Committee on Economic Development and International Investment.
A bill to amend 1996 PA 376, entitled
"Michigan renaissance zone act,"
by amending section 9 (MCL 125.2689), as amended by 2011 PA 315.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 9. (1) Except as otherwise provided in this section and
section 10, an individual who is a resident of a renaissance zone
or a business that is located and conducts business activity within
a renaissance zone shall receive the exemption, deduction, or
credit as provided in the following for the period provided under
section 6(2)(b):
(a) Section 39b of former 1975 PA 228 or section 433 of the
Michigan business tax act, 2007 PA 36, MCL 208.1433.
(b)
Section 31 or 31a of the income tax act of 1967, 1967 PA
281,
MCL 206.31 and 206.31a.
(c) Section 35 of chapter 2 of the city income tax act, 1964
PA 284, MCL 141.635.
(d) Section 5 of the city utility users tax act, 1990 PA 100,
MCL 141.1155.
(2) Except as otherwise provided in section 10, property
located in a renaissance zone is exempt from the collection of
taxes under all of the following:
(a) Section 7ff of the general property tax act, 1893 PA 206,
MCL 211.7ff.
(b) Section 11 of 1974 PA 198, MCL 207.561.
(c) Section 12 of the commercial redevelopment act, 1978 PA
255, MCL 207.662.
(d) Section 21c of the enterprise zone act, 1985 PA 224, MCL
125.2121c.
(e) Section 1 of 1953 PA 189, MCL 211.181.
(f) Section 12 of the technology park development act, 1984 PA
385, MCL 207.712.
(g) Section 51105 of the natural resources and environmental
protection act, 1994 PA 451, MCL 324.51105.
(h) Section 9 of the neighborhood enterprise zone act, 1992 PA
147, MCL 207.779.
(3) During the last 3 years that the taxpayer is eligible for
an exemption, deduction, or credit described in subsections (1) and
(2), the exemption, deduction, or credit shall be reduced by the
following percentages:
(a) For the tax year that is 2 years before the final year of
designation as a renaissance zone, the percentage shall be 25%.
(b) For the tax year immediately preceding the final year of
designation as a renaissance zone, the percentage shall be 50%.
(c) For the tax year that is the final year of designation as
a renaissance zone, the percentage shall be 75%.
(4) Where a portion of a renaissance zone is included within a
transformational brownfield plan under the brownfield redevelopment
financing act, 1996 PA 381, MCL 125.2651 to 125.2672, upon the
request of the owner of the real property located within the
applicable portion of the zone and the local government unit which
designated the zone, and the approval of the Michigan strategic
fund and the approval of the city levying an income tax within that
zone, subsection (1)(b) and (c) shall not apply within that portion
of the renaissance zone. The election under this subsection shall
be effective only where the revenues to be collected as a result of
the election will be transmitted pursuant to a transformational
brownfield plan as provided in section 13a(13) of the brownfield
redevelopment financing act, 1996 PA 381, MCL 125.2663a.
