HB-4372, As Passed Senate, June 28, 2007

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 4372

     A bill to amend 1893 PA 206, entitled

"The general property tax act,"

(MCL 211.1 to 211.157) by adding section 9k.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 9k. For taxes levied after December 31, 2007, personal

property classified under section 34c as industrial personal

property or commercial personal property is exempt from the tax

levied by a local school district for school operating purposes to

the extent provided under section 1211 of the revised school code,

1976 PA 451, MCL 380.1211. For taxes levied after December 31,

2007, personal property classified under section 34c as industrial

personal property is exempt from the tax levied under the state

education tax act, 1993 PA 331, MCL 211.901 to 211.906, as provided

in section 3 of the state education tax act, 1993 PA 331, MCL

211.903.

     Enacting section 1. It is the intent of the legislature to

address potential revenue shortfalls for the payment of tax

increment financing obligations that may result from the exemptions

provided by this amendatory act and to evaluate the impact of this

exemption on tax increment financing projects in the future.

     Enacting section 2. This amendatory act does not take effect

unless all of the following bills of the 94th Legislature are

enacted into law:

     (a) Senate Bill No. 94.

     (b) House Bill No. 4369.

     (c) House Bill No. 4370.

     (d) House Bill No. 4371.