Economic development: commercial redevelopment; HOPE zone exemption; provide for. Amends sec. 10 of 2005 PA 210 (MCL 207.850). TIE BAR WITH: HB 5852'26, HB 5856'26

This bill amends Michigan's Commercial Rehabilitation Act to clarify how the commercial rehabilitation tax is calculated for specific types of properties. It establishes that owners of qualified facilities must pay an annual tax based on their property's taxable value, with funds distributed to the state, local governments, and school districts in the same proportions as regular property taxes. A key provision exempts properties located in designated Renaissance or HOPE zones from this tax, provided they meet the requirements of those specific economic development programs. Additionally, the bill includes a special calculation method for retail food establishments that received their exemption certificates before December 31, 2009. The legislation is tied to two other bills, meaning it will only take effect if those companion bills are also enacted into law.