November 29, 2006, Introduced by Rep. Kolb and referred to the Committee on Commerce.
A bill to amend 1893 PA 206, entitled
"The general property tax act,"
(MCL 211.1 to 211.157) by adding section 7kk.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 7kk. Real property owned by a bank or trust company
organized under the laws of this state, a national banking
association, or an incorporated bank holding company as defined in
section 1841 of the bank holding company act of 1956, 12 USC 1841,
that controls a bank, national banking association, trust company,
or industrial bank subsidiary, that is located in a banking
development district created under the banking development district
authority act is exempt from the collection of taxes under this
act.