Economic development: plant rehabilitation; industrial facility tax; modify. Amends secs. 3, 6, 7 & 9 of 1974 PA 198 (MCL 207.553 et seq.).

This bill amends an existing act that allows local governments to create plant rehabilitation and industrial development districts, which offer tax exemptions for certain facilities. It updates definitions related to these districts, including "plant rehabilitation district," "commencement" of restoration, "industrial development district," and "restoration." The bill also changes the process for approving and issuing industrial facilities exemption certificates, including the role of the Michigan strategic fund and the Michigan economic development corporation in the approval process.

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