(1) The department annually shall prepare and submit to the committees of the house of representatives and senate responsible for tax policy and economic development issues a report on the utilization of obsolete property rehabilitation districts, based on the information filed with the commission.
  (2) After this act has been in effect for 3 years, the department shall prepare and submit to the committees of the house of representatives and senate responsible for tax policy and economic development issues an economic analysis of the costs and benefits of this act in the 3 qualified local governmental units in which it has been most heavily utilized.

Terms Used In Michigan Laws 125.2795

  • Commission: means the state tax commission created by 1927 PA 360, MCL 209. See Michigan Laws 125.2782
  • Department: means the department of treasury. See Michigan Laws 125.2782
  • Obsolete property: means commercial property or commercial housing property, that is 1 or more of the following:
  (i) Blighted, as that term is defined in section 2 of the brownfield redevelopment financing act, 1996 PA 381, MCL 125. See Michigan Laws 125.2782
  • Rehabilitation: means changes to obsolete property other than replacement that are required to restore or modify the property, together with all appurtenances, to an economically efficient condition. See Michigan Laws 125.2782
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