Economic development: tax increment financing; water resource improvement authorities; modify. Amends secs. 703, 705 & 710 of 2018 PA 57 (MCL 125.4703 et seq.).

This bill modifies the Michigan Tax Increment Financing Act to clarify how tax increment revenues are calculated and to expand the scope of water resource improvement authorities. It defines key terms like ‘operations,’ ‘parcel,’ and ‘public facility,’ and outlines the authority’s ability to create and operate districts for water resource improvement and access to inland lakes. The bill also addresses how tax increment revenues are determined, excluding certain taxes and specifying the types of properties subject to capture.