Bill > HB5875

This bill modifies existing law to reflect the repeal of the state real estate transfer tax act, ensuring that authorities are exempt from all taxation on their earnings or property and that instruments of conveyance from an authority are exempt from transfer taxes under 1966 PA 134 and the now-repealed former 1993 PA 330. The "authority" refers to a downtown development authority, which is a public body created to revitalize urban areas. The "real estate transfer tax" is a tax levied on the sale of real property. This change is necessary because the state real estate transfer tax act has been repealed, and the bill updates the language to accurately reflect this change in law.