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Legislation watch
2013 Senate Bill 536: Expand real estate development tax breaks
Public Act 274 of 2014
Introduced by Sen. John Proos R-St. Joseph on September 24, 2013
To authorize seven-year property tax exemptions for property owned by a nonprofit organization whose purpose is real estate development, if the local government agrees, and if the organization is approved by the political appointees on the board of the state agency responsible for granting and overseeing selective tax breaks and subsidies to particular corporations or developers (the “Michigan Economic Development Corporation,” an arm of the “Michigan Strategic Fund”). Official Text and Analysis.
Referred to the Senate Finance Committee on September 24, 2013
Reported in the Senate on November 14, 2013
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on December 10, 2013
To authorize property tax exemptions of five to seven years for property owned by a nonprofit organization whose purpose is real estate development, if the local government agrees, and if the organization is approved by the political appointees on the board of the state agency responsible for granting and overseeing selective tax breaks and subsidies to particular corporations or developers (the “Michigan Economic Development Corporation,” an arm of the “Michigan Strategic Fund”).
Received in the House on December 11, 2013
Referred to the House Tax Policy Committee on December 11, 2013
Reported in the House on May 14, 2014
With the recommendation that the substitute (H-5) be adopted and that the bill then pass.
Received in the Senate on June 11, 2014
To concur with the House-passed version of the bill.
Signed by Gov. Rick Snyder on June 24, 2014