HOUSE BILL No. 5051


     July 15, 1997, Introduced by Rep. Profit and referred to the Committee on Tax Policy.


        A bill to amend 1905 PA 282, entitled

   "An act to provide for the assessment of the property, by whomso-
   ever owned, operated or conducted, of railroad companies, union
   station and depot companies, telegraph companies, telephone com-
   panies, sleeping car companies, express companies, car loaning
   companies, stock car companies, refrigerator car companies, and
   fast freight companies, and all other companies owning, leasing,
   running or operating any freight, stock, refrigerator, or any
   other cars, not being exclusively the property of any railroad
   company paying taxes upon its rolling stock under the provisions
   of this act, over or upon the line or lines of any railroad or
   railroads in this state, and for the levy of taxes thereon by a
   state board of assessors, and for the collection of such taxes,
   and to repeal all acts or parts of acts contravening any of the
   provisions of this act,"

   (MCL 207.1 to 207.21) by adding section 5c.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         SEC. 5C.  (1) FOR TAXES LEVIED AFTER DECEMBER 31, 1996,

 2    PROPERTY IN A RENAISSANCE ZONE IS EXEMPT FROM TAXATION UNDER THIS

 3    ACT TO THE EXTENT AND FOR THE DURATION PROVIDED IN THE MICHIGAN

 4    RENAISSANCE ZONE ACT, 1996 PA 376, MCL 125.2681 TO 125.2696.



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 1         (2) AS USED IN THIS SECTION, "RENAISSANCE ZONE" MEANS THAT

 2    TERM AS DEFINED IN SECTION 3 OF THE MICHIGAN RENAISSANCE ZONE

 3    ACT, 1996 PA 376, MCL 125.2683.


















































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