Yesterday the Senate Finance Committee reported Senate Bill 536, a bill that would allow local units of government to exempt an “eligible economic development group” from property taxes for a period of five to seven years.

In order to receive this abatement a local unit must pass a resolution allowing the eligible entity to receive the exemption. The committee adopted a substitute bill that can be viewed here: SB 536 (s-1).

The bill now goes to the full Senate for consideration.

Samantha Harkins is the Director of State Affairs for the Michigan Municipal League.  She can be reached at 517-908-0306 or email at sharkins@mml.org