Michigan HB5858 amends the industrial facility tax to exempt certain buildings in HOPE zones from the tax.

Michigan HB5858 amends the industrial facility tax to exempt speculative buildings, new facilities, or replacement facilities located in a HOPE zone from the tax. The bill specifies that these exemptions apply to the portion of the industrial facility tax attributable to the HOPE zone, excluding any special assessments or taxes described in the general property tax act. The bill also includes provisions for qualified start-up businesses to receive exemptions for up to five years, with the possibility of nonconsecutive years.

Michigan HB5858 amends the industrial facility tax to exempt certain buildings in HOPE zones from the tax.

Michigan HB5858 amends the industrial facility tax to exempt speculative buildings, new facilities, or replacement facilities located in a HOPE zone from the tax. The bill specifies that these exemptions apply to the portion of the industrial facility tax attributable to the HOPE zone, excluding any special assessments or taxes described in the general property tax act. The bill also includes provisions for qualified start-up businesses to receive exemptions for up to five years, with the possibility of nonconsecutive years.