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2009 House Bill 5495: Extend certain “neighborhood enterprise zone” property tax breaks

Public Act 65 of 2010

Introduced by Rep. Joan Bauer (D) on October 1, 2009
To revise the duration and the terms of a certain type of “neighborhood enterprise zone” property tax break in which a developer must transfer a rehabbed residential property to an owner who will occupy it as a homestead within six years. The bill would extend this to 12 years, and extend the minimum duration of the tax break (which is a 50 percent discount on property taxes) from 11 to 17 years.   Official Text and Analysis.
Referred to the House Intergovernmental, Urban And Regional Affairs Committee on October 1, 2009
Reported in the House on December 8, 2009
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered in the House on January 21, 2010
To not extend the duration of the tax break, but only the deadline on selling the property to a residential owner who will occupy it.
The substitute passed by voice vote in the House on January 21, 2010
To revise the terms of a certain type of “neighborhood enterprise zone” property tax break, which requires a developer to transfer a rehabbed residential property to an owner who will occupy it as a homestead within six years. The bill would extend this to 12 years. The tax break itself is a 50 percent discount on property taxes.
Received in the Senate on January 26, 2010
Referred to the Senate Local, Urban, & State Affairs Committee on January 26, 2010
Reported in the Senate on March 11, 2010
With the recommendation that the bill pass.
Signed by Gov. Jennifer Granholm on May 6, 2010

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