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

SB 536 amends the Michigan Plant Rehabilitation Act to update the legal definitions of key terms used in industrial tax programs. The bill clarifies what constitutes a "speculative building," which is defined as a new facility constructed before a specific tenant is identified or an existing building that has been unoccupied for at least four years in certain counties. It also provides more detailed criteria for "restoration" versus "replacement," specifying that major renovations involving structural improvements, equipment upgrades, or land changes qualify as restoration if they meet specific thresholds. These updated definitions directly affect local governmental units, development organizations, and property owners who apply for tax exemptions related to industrial facilities.