Yesterday the Senate Finance Committee reported Senate Bill 536, a bill that would allow local units of government to exempt an “eligible economic development group” from property taxes for a period of five to seven years.
In order to receive this abatement a local unit must pass a resolution allowing the eligible entity to receive the exemption. The committee adopted a substitute bill that can be viewed here: SB 536 (s-1).
The bill now goes to the full Senate for consideration.
Samantha Harkins is the Director of State Affairs for the Michigan Municipal League. She can be reached at 517-908-0306 or email at firstname.lastname@example.org