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Bill > HB4675
MI HB4675
MI HB4675State finance: authorities; land bank fast track act taxable status; modify. Amends secs. 4, 13 & 14 of 2003 PA 258 (MCL 124.754 et seq.).
summary
Introduced
05/25/2023
05/25/2023
In Committee
12/20/2024
12/20/2024
Crossed Over
05/21/2024
05/21/2024
Passed
12/31/2024
12/31/2024
Dead
Signed/Enacted/Adopted
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
AN ACT to amend 2003 PA 258, entitled ?An act to provide for the creation of land bank fast track authorities to assist governmental entities in the assembly and clearance of title to property in a coordinated manner; to facilitate the use and development of certain property; to promote economic growth; to prescribe the powers and duties of certain authorities; to provide for the creation and appointment of boards to govern land bank fast track authorities and to prescribe their powers and duties; to authorize the acquisition, maintenance, and disposal of interests in real and personal property; to authorize the conveyance of certain properties to a land bank fast track authority; to authorize the enforcement of tax liens and the clearing or quieting of title by a land bank fast track authority; to provide for the distribution and use of revenues collected or received by a land bank fast track authority; to prescribe powers and duties of certain public entities and state and local officers and agencies; to authorize the transfer and acceptance of property in lieu of taxes and the release of tax liens; to exempt property, income, and operations of a land bank fast track authority from tax; to extend protections against certain liabilities to a land bank fast track authority; and to repeal acts and parts of acts,? by amending sections 4, 13, and 14 (MCL 124.754, 124.763, and 124.764).
AI Summary
This bill modifies the "Land Bank Fast Track Act" to clarify and expand the tax-exempt status of land bank fast track authorities, which are governmental entities created to help manage and redevelop properties, particularly those with title issues or that are tax-foreclosed. Specifically, it amends sections of the act to ensure that property owned by these authorities, along with their income and operations, are exempt from all state and local taxes, special assessments, and user fees, with the exception that user fees can be charged if the authority or its tenant has an express contract for services with a local government. The bill also clarifies that these authorities have broad powers to manage and dispose of property and that their bonds and notes are also tax-exempt.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Assigned Pa 204'24 (on 12/31/2024)
Bill Topics
Community Development and Housing Issues
- ‐ Community and Regional Development
Government Operations
- ‐ Intergovernmental Relations
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
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