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2021 Senate Bill 362: Authorize certain developer tax breaks, and housing subsidies
Introduced by Sen. Winnie Brinks D-Grand Rapids on April 15, 2021
To authorize a new form of property tax break for developers who refurbish or build property (dubbed "attainable housing") and rent out 30% or more of the units to households with incomes less than 120% of the county median, at rates that do not exceed 30% of the household's income. The bill would authorize local governments giving 50% property tax cuts to developers, with state taxpayers ultimately covering the foregone local tax revenue.   Official Text and Analysis.
Referred to the Senate Economic and Small Business Development Committee on April 15, 2021
Reported in the Senate on June 15, 2021
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
To authorize a new form of property tax break for developers who refurbish or build property (dubbed "attainable housing") and rent out 30% or more of the units to households with incomes less than 120% of the county median, at rates that do not exceed 30% of the household's income. The bill would authorize local governments giving 50% property tax cuts to developers, with state taxpayers ultimately covering the foregone local tax revenue. See also Senate Bills 364, 422 and 432.
Received in the House on June 17, 2021
Referred to the House Local Government and Municipal Finance Committee on June 17, 2021
Reported in the House on June 15, 2022
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Received in the Senate on November 29, 2022

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