Michigan HB4788 creates a specific tax on qualified replacement electric distribution infrastructure.

Michigan HB4788 establishes a new tax on qualified replacement electric distribution infrastructure, such as poles, wires, and conductors, that replaces depreciated infrastructure within the same service territory. This tax, known as the replacement electric distribution infrastructure specific tax, is levied annually and is payable at the same times and in the same proportions as taxes collected under the general property tax act. The tax rate for the first year is 30 mills applied to the taxable value of the replaced infrastructure.

Michigan HB4788 creates a specific tax on qualified replacement electric distribution infrastructure.

Michigan HB4788 establishes a new tax on qualified replacement electric distribution infrastructure, such as poles, wires, and conductors, that replaces depreciated infrastructure within the same service territory. This tax, known as the replacement electric distribution infrastructure specific tax, is levied annually and is payable at the same times and in the same proportions as taxes collected under the general property tax act. The tax rate for the first year is 30 mills applied to the taxable value of the replaced infrastructure.