ALTERNATIVE ENERGY ZONE - S.B. 1315 (S-2): FLOOR ANALYSIS
Senate Bill 1315 (Substitute S-2 as reported)
Sponsor: Senator Don Koivisto
Committee: Finance
CONTENT
The bill would amend the Michigan Renaissance Zone Act to allow the Michigan Strategic Fund board to designate one renaissance zone as an alternative energy zone. An alternative energy zone would have to be 350 acres or less in size and could consist only of a portion of the property transferred to the Michigan Next Energy Authority under the Michigan Next Energy Authority Act (proposed by Senate Bill 1316). An alternative energy zone would have to promote and increase the research, development, and manufacturing of alternative energy technology. An alternative energy zone would have a duration of renaissance zone status for not more than 20 years as determined by the board.
(Under the Act, within an area designated as a renaissance zone, businesses and residents are eligible for certain tax exemptions and credits, including an exemption from property taxes, the State income tax, and the single business tax.)
MCL 125.2688a - Legislative Analyst: George Towne
FISCAL IMPACT
This bill would not expand the number of renaissance zones, but would allow one of the existing authorized renaissance zones to be an alternative energy zone. Therefore, the bill would have no fiscal impact compared with current law.
Date Completed: 5-15-02 - Fiscal Analyst: Jay WortleyFloor\sb1315 - Bill Analysis @ http://www.senate.state.mi.us/sfa
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.