2013 Senate Bill 536 / 2014 Public Act 274

Expand real estate development tax breaks

Introduced in the Senate

Sept. 24, 2013

Introduced by Sen. John Proos (R-21)

To authorize seven-year property tax exemptions for property owned by a nonprofit organization whose purpose is real estate development, if the local government agrees, and if the organization is approved by the political appointees on the board of the state agency responsible for granting and overseeing selective tax breaks and subsidies to particular corporations or developers (the “Michigan Economic Development Corporation,” an arm of the “Michigan Strategic Fund”).

Referred to the Committee on Finance

Nov. 14, 2013

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

Dec. 10, 2013

Substitute offered

Consideration postponed

Dec. 11, 2013

Passed in the Senate 36 to 0 (details)

To authorize property tax exemptions of five to seven years for property owned by a nonprofit organization whose purpose is real estate development, if the local government agrees, and if the organization is approved by the political appointees on the board of the state agency responsible for granting and overseeing selective tax breaks and subsidies to particular corporations or developers (the “Michigan Economic Development Corporation,” an arm of the “Michigan Strategic Fund”).

Received in the House

Dec. 11, 2013

Referred to the Committee on Tax Policy

May 14, 2014

Reported without amendment

With the recommendation that the substitute (H-5) be adopted and that the bill then pass.

June 10, 2014

Passed in the House 70 to 39 (details)

To authorize property tax exemptions of five to seven years for property owned by a nonprofit organization whose purpose is real estate development, if the local government agrees, and if the organization is approved by the political appointees on the board of the state agency responsible for granting and overseeing selective tax breaks and subsidies to particular corporations or developers (the “Michigan Economic Development Corporation,” an arm of the “Michigan Strategic Fund”).

Received in the Senate

June 11, 2014

Passed in the Senate 38 to 0 (details)

To concur with the House-passed version of the bill.

Signed by Gov. Rick Snyder

June 24, 2014