Michigan HB5864 amends the commercial rehabilitation tax to exempt certain properties from the tax.
Michigan HB5864 amends the commercial rehabilitation tax by exempting qualified facilities located in renaissance zones or HOPE zones from the tax. The tax is levied on owners of qualified facilities, with the amount determined by specific calculations. The tax is payable annually and is credited to the state school aid fund. The bill requires the enactment of other specified bills to take effect.
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