125.2681 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan renaissance zone act”. History: 1996, Act 376, Imd. Eff. July 17, 1996 Compiler’s Notes: For transfer of Michigan strategic fund from department of management and budget to department of labor and economic growth, see E.R.O. No. 2003-1, compiled […]
125.2682 Legislative findings and declarations. Sec. 2. The legislature of this state finds and declares that there exists in this state continuing need for programs to assist certain local governmental units in encouraging economic development, the consequent job creation and retention, and ancillary economic growth in this state. To achieve these purposes, it is necessary […]
125.2683 Definitions. Sec. 3. As used in this act: (a) “Agricultural processing facility” means 1 or more facilities or operations that transform, package, sort, or grade livestock or livestock products, agricultural commodities, or plants or plant products, excluding forest products, into goods that are used for intermediate or final consumption including goods for nonfood use, […]
125.2684 Designation of local governmental unit as renaissance zone; application; criteria; additional distinct geographic areas; extension of status; resubmission. Sec. 4. (1) One or more qualified local governmental units may apply to the review board to designate the qualified local governmental unit or units as a renaissance zone if all of the following criteria are […]
125.2685 Renaissance zone review board; creation; membership; review of applications; recommendations; submission date; compensation; reimbursement for travel and expenses. Sec. 5. (1) The renaissance zone review board is created. The review board shall consist of the board of the Michigan strategic fund described in section 4 of the Michigan strategic fund act, 1984 PA 270, […]
125.2686 State administrative board; duties; prohibitions; designation of renaissance zone; beginning date; modification of boundaries. Sec. 6. (1) The board shall review all recommendations submitted by the review board and determine which applications meet the criteria contained in section 7. (2) The board shall do all of the following: (a) Designate renaissance zones. (b) Subject […]
125.2687 Renaissance zone; designation; criteria; resolution; report of transaction with or gift to official or employee of local governmental unit. Sec. 7. (1) The board shall consider the following criteria in designating a renaissance zone: (a) Shall give priority to applications that include new business activity. (b) Evidence of adverse economic and socioeconomic conditions within […]
125.2688 Designation of renaissance zones; limitation; additional zones; submission of designations to legislature; rejection of designations by concurrent resolution. Sec. 8. (1) Except as otherwise provided in this act, the board shall not designate more than 9 renaissance zones within this state. Not more than 6 of the renaissance zones shall be located in urban […]
125.2688a Additional renaissance zones; designation; property located in alternative energy zone; definitions. Sec. 8a. (1) Except as provided in subsections (2), (3), and (4), the board shall not designate more than 9 additional renaissance zones within this state under this section. Not more than 6 of the renaissance zones shall be located in urban areas […]
125.2688b Applicability of MCL 15.261 to 15.275 to local governmental units. Sec. 8b. It is the intent of the legislature that local governmental units subject to this act shall follow all state statutes that relate to condemnation of property and the open meetings act, 1976 PA 267, MCL 15.261 to 15.275. History: Add. 1999, Act […]
125.2688c Additional renaissance zones for agricultural processing facilities; renewal for certain renewable energy facility; extension. Sec. 8c. (1) The board, upon recommendation of the board of the Michigan strategic fund defined in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2004, and upon recommendation of the commission of agriculture, may designate […]
125.2688d Tool and die renaissance recovery zones; definitions. Sec. 8d. (1) The board of the Michigan strategic fund described in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2004, may designate not more than 35 tool and die renaissance recovery zones within this state in 1 or more cities, villages, or […]
125.2688e Designation of additional renaissance zones for renewable energy facilities. Sec. 8e. (1) The board, upon recommendation of the board of the Michigan strategic fund defined in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2004, and upon recommendation of the commission of agriculture if the renewable energy facility uses agricultural […]
125.2688f Forest products processing facility; designation of additional renaissance zones. Sec. 8f. (1) The board, upon recommendation of the board of the Michigan strategic fund defined in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2004, may designate not more than 10 additional renaissance zones for forest products processing facilities within […]
125.2688g Border crossing facilities; designation of additional facilities; revocation; factors; development agreement; definitions. Sec. 8g. (1) The board of the Michigan strategic fund defined in section 4 of the Michigan strategic fund act, 1984 PA 270, MCL 125.2004, may designate up to 25 additional renaissance zones for border crossing facilities within this state in qualified […]
125.2688h Next Michigan renaissance zones; designation; certification as qualified eligible next Michigan business; modification of existing next Michigan renaissance zone; benefits of renaissance zone status; revocation of designation; appeal; extension of status; duration; written agreement; commencement of renaissance zone status; limitation on number of businesses certified. Sec. 8h. (1) The board of the Michigan strategic […]
125.2689 Exemption, deduction, or credit. Sec. 9. (1) Except as otherwise provided in this section and section 10, an individual who is a resident of a renaissance zone or a business that is located and conducts business activity within a renaissance zone shall receive the exemption, deduction, or credit as provided in the following for […]
125.2690 Individuals or businesses ineligible for exemption, deduction, or credit; limitations; eligibility; effect of failure to file return; eligibility of certain property in next Michigan renaissance zone for exemptions, deductions, or credits. Sec. 10. (1) An individual who is a resident of a renaissance zone or a business that is located and conducts business activity […]
125.2691 Application form. Sec. 11. The form of the application for a renaissance zone designation shall be as specified by the Michigan strategic fund. After the form of the application is specified by the Michigan strategic fund, the Michigan strategic fund shall file a copy of the application with each house of the legislature. The […]
125.2692 Reimbursement to intermediate school districts, local school districts, community college districts, public libraries, and school aid fund; reimbursement subject to appropriation. Sec. 12. (1) Except as otherwise provided in subsection (6), this state shall reimburse intermediate school districts each year for all tax revenue lost as the result of the exemption of property under […]
