November 1, 2011, Introduced by Senator HILDENBRAND and referred to the Committee on Finance.
A bill to amend 1996 PA 376, entitled
"Michigan renaissance zone act,"
by amending section 9 (MCL 125.2689), as amended by 2008 PA 495.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 9. (1) Except as otherwise provided in 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%.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 748 of the 96th Legislature is enacted into
law.