Modifies Michigan's commercial redevelopment act to extend tax exemption periods and reporting requirements.

This bill amends Michigan's commercial redevelopment act to extend the period for tax exemption certificates from 12 years to 20 years. It also modifies the criteria for reviewing and extending certificates, requiring written criteria approved by the local legislative body and sent to the applicant and commission. Additionally, it mandates that local governmental units report annually to the commission on the status of each exemption, including property value and job estimates.

Modifies Michigan's commercial redevelopment act to extend tax exemption periods and reporting requirements.

This bill amends Michigan's commercial redevelopment act to extend the period for tax exemption certificates from 12 years to 20 years. It also modifies the criteria for reviewing and extending certificates, requiring written criteria approved by the local legislative body and sent to the applicant and commission. Additionally, it mandates that local governmental units report annually to the commission on the status of each exemption, including property value and job estimates.