ENTERPRISE ZONE: RENAISSANCE ZONE H.B. 5194 (H-3): FLOOR ANALYSIS
House Bill 5194 (Substitute H-3 as passed by the House) Sponsor: Representative Harold Voorhees
House Committee: Tax Policy
The bill would amend the Enterprise Zone Act to provide that property exempt from ad valorem taxation under the Act that was located in a renaissance zone would be exempt from the specific taxes levied under the Act to the extent and for the duration provided by the Michigan Renaissance Zone Act, except for that portion of the specific tax levied under the Enterprise Zone Act attributable to a special assessment or a tax described in Section 7ff(2) of the General Property Tax Act. The specific tax calculated under this provision would have to be disbursed proportionately to the local taxing unit or units that levied the special assessment or tax described in Section 7ff(2). (That section, which would be added by Senate Bill 670, describes real and personal property in a renaissance zone that would remain subject to certain taxes or special assessments.)
The bill also provides that if a specific tax levied under the Enterprise Zone Act were not paid within the time permitted by law for payment, without penalty, of taxes imposed under the General Property Tax Act, the specific tax could be collected in the same manner as delinquent taxes are collected under that Act.
MCL 125.2103 et al. Legislative Analyst: S. Margules
Please see FISCAL IMPACT on House Bill 5190.
Date Completed: 12-4-96 Fiscal Analyst: J. Wortley
floor\hb5194
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.