SB 0553
Economic development: tax increment financing; water resource improvement authorities; modify. Amends secs. 703, 705 & 710 of 2018 PA 57 (MCL 125.4703 et seq.).
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Bill overview
This bill modifies the Michigan Tax Increment Financing Act to clarify definitions related to operations, parcels, public facilities, and specific local taxes. It also expands the definition of a ‘water resource improvement’ to include a broader range of activities, such as shoreline protection and native plant inventories. The bill aims to strengthen the ability of local authorities to create and operate water resource improvement districts focused on enhancing water quality and access to inland lakes and rivers.
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