Michigan HB5862 amends the technology park facilities tax to exempt certain facilities in HOPE zones.

Michigan HB5862 amends the technology park facilities tax to exempt certain facilities in HOPE zones from the tax. This exemption applies to facilities owned or operated by qualified start-up businesses, with a limit of five years. The bill specifies the calculation and disbursement of the tax, ensuring it is paid to the state treasury and credited to the state school aid fund. The exemption process involves a resolution by the local tax collecting unit and a hearing opportunity for the assessor and affected taxing units.

Michigan HB5862 amends the technology park facilities tax to exempt certain facilities in HOPE zones.

Michigan HB5862 amends the technology park facilities tax to exempt certain facilities in HOPE zones from the tax. This exemption applies to facilities owned or operated by qualified start-up businesses, with a limit of five years. The bill specifies the calculation and disbursement of the tax, ensuring it is paid to the state treasury and credited to the state school aid fund. The exemption process involves a resolution by the local tax collecting unit and a hearing opportunity for the assessor and affected taxing units.