Economic development: plant rehabilitation; definition of speculative building; modify. Amends sec. 3 of 1974 PA 198 (MCL 207.553).

HB 5461 amends Michigan's 1974 Plant Rehabilitation Act (MCL 207.553) by clarifying the definition of "speculative building" to prevent misuse of tax exemption programs. It specifically targets buildings constructed before identifying a tenant (new facilities) or existing buildings meeting strict vacancy, district, and population criteria (existing facilities). The bill directly affects industrial property owners seeking tax exemptions by tightening eligibility rules for "speculative" structures. This change ensures tax exemptions apply only to genuine rehabilitation or development projects, not buildings built without committed users.