Introduced
by
To exempt tools and equipment owned by a business in an “innovations center” located in a certified technology park (smart zone) from the personal property tax. These "smart parks" use new tax revenues generated in a designated area to finance improvements to public or private property intended to attract certain types of businesses. The so-called “personal property tax” is assessed on the tools and capital equipment used by a business, and is levied in the same manner as regular real estate property taxes.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one with language targeting this particular tax break at the Southwest Michigan Innovation Center, which was established to provide opportunities for displaced workers from the Pfizer drug company, and at any similar facilities in the future.
The substitute passed by voice vote
Passed in the House 99 to 5 (details)
To exempt tools and equipment owned by a business in an “innovations center” located in a certified technology park (smart zone) from the personal property tax. These "smart parks" use new tax revenues generated in a designated area to finance improvements to public or private property intended to attract certain types of businesses. The bill is targeted at the Southwest Michigan Innovation Center, which was established to provide opportunities for displaced workers from the Pfizer drug company, and and similar future facilities.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Amendment offered
by
To clarify that the tax break would be a "blanket" one for all the firms located in an "Innovation Center".
The amendment passed by voice vote
Passed in the Senate 35 to 0 (details)
To exempt tools and equipment owned by a business in an “innovations center” located in a certified technology park (smart zone) from the personal property tax. These "smart parks" use new tax revenues generated in a designated area to finance improvements to public or private property intended to attract certain types of businesses. The bill is targeted at the Southwest Michigan Innovation Center, which was established to provide opportunities for displaced workers from the Pfizer drug company, and and similar future facilities.
Passed in the House 102 to 2 (details)
To concur with the Senate-passed version of the bill.
