TECHNOLOGY PARK: RENAISSANCE ZONE H.B. 5195 (H-2): FLOOR ANALYSIS
House Bill 5195 (Substitute H-2 as passed by the House) Sponsor: Representative Sandra Hill
House Committee: Tax Policy
The bill would amend the Technology Park Development Act to provide that a facility located in a renaissance zone under the Michigan Renaissance Zone Act would be exempt from the technology park facilities tax to the extent and for the duration provided in that Act, except for that portion of the technology park facilities tax attributable to a special assessment or a tax described in Section 7ff(2) of the General Property Tax Act. The technology park facilities tax calculated under this provision would have to be disbursed proportionately to the local taxing unit or units that levied the special assessment or the 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.)
MCL 207.712 Legislative Analyst: S. Margules
Please see FISCAL IMPACT on House Bill 5190.
Date Completed: 12-4-96 Fiscal Analyst: J. Wortley
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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.