April 15, 2010, Introduced by Senators ALLEN and GEORGE and referred to the Committee on Commerce and Tourism.
A bill to amend 1893 PA 206, entitled
"The general property tax act,"
by amending section 7gg (MCL 211.7gg), as added by 2003 PA 261.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 7gg. (1) Property, the title to which is held by a land
bank fast track authority under the land bank fast track act, 2003
PA 258, MCL 124.751 to 124.774, is exempt from the collection of
taxes under this act.
(2) Except as otherwise provided in subsection (3), real
property sold or otherwise conveyed by a land bank fast track
authority under the land bank fast track act, 2003 PA 258, MCL
124.751 to 124.774, is exempt from the collection of taxes under
this act beginning on December 31 in the year in which the property
is sold or otherwise conveyed by the land bank fast track authority
until December 31 in the year 5 years after the December 31 on
which the exemption was initially granted under this subsection or,
if approved by a resolution adopted by the governing body of the
local tax collecting unit, until December 31 in the year 6 years
after the December 31 on which the exemption was initially granted
under this subsection.
(3) Subsection (2) does not apply to property included in a
brownfield plan under the brownfield redevelopment financing act,
1996 PA 381, MCL 125.2651 to 125.2672, if all of the following
conditions are satisfied:
(a) The brownfield plan for the property includes assistance
provided to a land bank fast track authority authorized by section
2(l)(iv)(E) of the brownfield redevelopment financing act, 1996 PA
381, MCL 125.2652.
(b) If the land bank fast track authority has issued bonds or
notes, or has entered into a reimbursement agreement, pledging or
dedicating
the specific tax levied under the tax reverted property
clean title act, 2003 PA 260, MCL 211.1021 to 211.1026, prior to
the sale of the property to which the exemption under subsection
(2) applies, the land bank fast track authority approves the
release of the exemption provided under subsection (2).
(4) Property exempt from the collection of taxes under
subsection (2) is subject to the specific tax levied under the tax
reverted
property clean title act,
2003 PA 260, MCL 211.1021 to
211.1026.
(5) As used in this section, "land bank fast track authority"
means a land bank fast track authority created under the land bank
fast track act, 2003 PA 258, MCL 124.751 to 124.774.