Introduced
by
To authorize excluding local income taxes from the tax exemptions authorized for owners or occupants of property in a “renaissance zone,” if the property's owners are benefitting from subsidies authorized by Senate Bills 1061 and 1062. These subsidies essentially allow a developer or business owner to keep the income tax withholding amounts associated with a particular building.
Referred to the Committee on Economic Development and International Investment
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 29 to 8 (details)
To authorize excluding local income taxes from the tax exemptions authorized for owners or occupants of property in a “renaissance zone,” if the property is also part of very large real estate project whose developers were benefitting from the cash subsidies proposed by Senate Bills 1153 and 1154. Those subsidies use the device of "abating" income tax withholding requirements, and reportedly are intended for Detroit developer Dan Gilbert and possibly others around the state.
Referred to the Committee on Local Government and Municipal Finance
