SB 0199
Economic development: tax increment financing; definition of other protected obligation; modify and expand. Amends sec. 301 of 2018 PA 57 (MCL 125.4301).
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- Passed Senate
- Passed House
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Bill overview
This bill modifies and expands the state's tax increment financing (TIF) law. It clarifies definitions related to key terms like ‘advance,’ ‘captured assessed value,’ and ‘other protected obligation,’ aiming to provide greater clarity and flexibility for municipalities using TIF to finance economic development projects. The bill also establishes specific rules regarding the distribution of tax increment revenues, particularly concerning state education taxes and local school districts, to ensure equitable repayment of TIF obligations.
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