OBSOLETE PROPERTY REHABILITATION ACT (EXCERPT)
Act 146 of 2000
125.2797 Exclusions; limitation.
(1) Within 60 days after the granting of an obsolete property rehabilitation exemption certificate under section 6 for a rehabilitated facility, the state treasurer may, for a period not to exceed 6 years, exclude up to 1/2 of the number of mills levied for school operating purposes under the revised school code, 1976 PA 451, MCL 380.1 to 380.1852, and under the state education tax act, 1993 PA 331, MCL 211.901 to 211.906, from the specific tax calculation on the facility under section 10(2)(b) if the state treasurer determines that reducing the number of mills used to calculate the specific tax under section 10(2)(b) is necessary to reduce unemployment, promote economic growth, and increase capital investment in qualified local governmental units.
(2) The state treasurer shall not grant more than 25 exclusions under this section each year.
History: 2000, Act 146, Imd. Eff. June 6, 2000
© 2015 Legislative Council, State of Michigan