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MI HB5096

MI HB5096
Economic development: renaissance zones; designation of renaissance zone; modify. Amends secs. 3, 4, 6, 8a & 12 of 1996 PA 376 (MCL 125.2683 et seq.).

summary

Introduced
10/05/2023
In Committee
02/28/2024
Crossed Over
10/31/2023
Passed
05/09/2024
Dead
Signed/Enacted/Adopted
05/21/2024

Introduced Session

102nd Legislature

Bill Summary

AN ACT to amend 1996 PA 376, entitled ?An act to create and expand certain renaissance zones; to foster economic opportunities in this state; to facilitate economic development; to stimulate industrial, commercial, and residential improvements; to prevent physical and infrastructure deterioration of geographic areas in this state; to authorize expenditures; to provide exemptions and credits from certain taxes; to create certain obligations of this state and local governmental units; to require disclosure of certain transactions and gifts; to provide for appropriations; and to prescribe the powers and duties of certain state and local departments, agencies, and officials,? by amending sections 3, 4, 6, 8a, and 12 (MCL 125.2683, 125.2684, 125.2686, 125.2688a, and 125.2692), sections 3 and 8a as amended by 2010 PA 277, section 4 as amended by 2014 PA 27, section 6 as amended by 2016 PA 118, and section 12 as amended by 2010 PA 83.

AI Summary

This bill amends the Renaissance Zone Act to modify provisions related to the designation of renaissance zones. The key changes include: - Allowing the Michigan Strategic Fund Board to designate up to 27 additional renaissance zones, including zones focused on alternative energy, redevelopment, and pharmaceutical recovery. - Allowing qualified local governmental units to apply to extend the duration of existing renaissance zones, up to a total of 30 years in some cases. - Authorizing the Michigan Strategic Fund Board to revoke extensions of renaissance zone status if certain development conditions are not met. - Providing for the reimbursement of local taxing authorities for revenue lost due to renaissance zone tax exemptions, subject to appropriation. The bill is intended to continue fostering economic development and redevelopment in distressed areas of the state through the use of renaissance zones.

Committee Categories

Business and Industry

Sponsors (8)

Last Action

Assigned Pa 40'24 With Immediate Effect (on 05/21/2024)

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Document Type Source Location
State Bill Page http://legislature.mi.gov/doc.aspx?2023-HB-5096
Fiscal Note/Analysis - House: Summary as Enrolled/Enacted Version https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5096-62F3D2E0.pdf
BillText https://legislature.mi.gov/documents/2023-2024/publicact/htm/2024-PA-0040.htm
Fiscal Note/Analysis - House: Summary as Enrolled https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5096-84E9012A.pdf
BillText https://legislature.mi.gov/documents/2023-2024/billenrolled/House/htm/2023-HNB-5096.htm
Senate Substitute (S-4) https://legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2023-HCVBS-5096-00D419.pdf
BillText http://www.legislature.mi.gov/documents/2023-2024/billengrossed/House/htm/2023-HEBS-5096.htm
Senate Substitute (S-4) https://legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2023-HCVBS-5096-00C718.pdf
Fiscal Note/Analysis - SUMMARY OF BILL ON THIRD READING https://legislature.mi.gov/documents/2023-2024/billanalysis/Senate/pdf/2023-SFA-5096-B.pdf
House Substitute (H-1) https://legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2023-HCVBS-5096-0O338.pdf
Fiscal Note/Analysis - SUMMARY OF HOUSE-PASSED BILL IN COMMITTEE https://legislature.mi.gov/documents/2023-2024/billanalysis/Senate/pdf/2023-SFA-5096-L.pdf
BillText http://www.legislature.mi.gov/documents/2023-2024/billengrossed/House/htm/2023-HEBH-5096.htm
House Substitute (H-1) https://legislature.mi.gov/mileg.aspx?page=CurrentVersionAmendment&cvFileName=2023-HCVBS-5096-0N295.pdf
Fiscal Note/Analysis - Summary as Reported from Committee https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5096-CFA8C1FC.pdf
Fiscal Note/Analysis - Summary as Introduced https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5096-6A5B6E6F.pdf
BillText http://www.legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2023-HIB-5096.htm
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