Economic development: plant rehabilitation; requirements related to the revocation of an industrial facilities exemption certificate; modify. Amends sec. 15 of 1974 PA 198 (MCL 207.565). TIE BAR WITH: HB 5463'26

HB 5464 amends Michigan's law governing industrial facilities exemption certificates, which allow businesses to temporarily avoid certain property taxes for rehabilitating or building industrial facilities. The bill clarifies that certificates may be revoked if businesses fail to meet specific deadlines: completing replacement facilities within 2 years (or longer with commission approval), finishing speculative buildings within 2 years, or using facilities for non-qualifying purposes. It requires the state tax commission to provide notice and hold hearings before revoking certificates, with revocations taking effect by December 31 following the commission's order. This directly affects businesses holding these tax exemptions who miss project deadlines or deviate from approved facility uses.