S.B. 583: FLOOR ANALYSIS - CASINO IN RENAISSANCE ZONE

CASINO IN RENAISSANCE ZONE - S.B. 583: FLOOR ANALYSIS

Senate Bill 583 (as reported without amendment)

CONTENT

The bill would amend the Michigan Renaissance Zone Act to provide that a casino located and conducting business activity within a renaissance zone would not be eligible for a tax exemption, deduction, or credit listed in the Act. Real property in a renaissance zone on which a casino was operated, personal property of a casino located in a renaissance zone, and all property associated or affiliated with the operation of a casino would not be eligible for an exemption, deduction, or credit. "Casino" would mean a casino or a parking lot, hotel, motel, or retail store owned or operated by a casino, an affiliate, or an affiliated company, regulated by the State under the Michigan Gaming Control and Revenue Act.

(Under the Michigan Renaissance Zone Act, residents of a renaissance zone and businesses located in a zone may receive an exemption, deduction, or credit under the Single Business Tax Act, the Income Tax Act, the City Income Tax Act, and the City Utility Users Tax Act. Property located in a zone is exempt from taxes under the General Property Tax Act, the Plant Rehabilitation and Industrial Development Districts Act, the Commercial Redevelopment Act, the Enterprise Zone Act, Public Act 189 of 1953 (which provides for taxation of lessees or users of tax-exempt property), the Technology Park Development Act, Section 51105 of the Natural Resources and Environmental Protection Act (which provides for an annual specific tax on commercial forests), and the Neighborhood Enterprise Zone Act.)

MCL 125.2690 - Legislative Analyst: S. Margules

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed: 6-9-97 - Fiscal Analyst: R. Rossfloor\sb583

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.