Modifies the definition of "new construction" under the Michigan Economic Growth Authority Act.

The bill amends the definition of "new construction" under the Michigan Economic Growth Authority Act. It specifies that new construction means property not in existence on the date the authorized business enters into a written agreement with the authority and not replacement construction. The definition also includes the physical addition of equipment or furnishings. The bill clarifies that new construction does not include replacement construction as defined in the general property tax act.

Modifies the definition of "new construction" under the Michigan Economic Growth Authority Act.

The bill amends the definition of "new construction" under the Michigan Economic Growth Authority Act. It specifies that new construction means property not in existence on the date the authorized business enters into a written agreement with the authority and not replacement construction. The definition also includes the physical addition of equipment or furnishings. The bill clarifies that new construction does not include replacement construction as defined in the general property tax act.