Economic development: other; local community stabilization authority act; amend to update the cross-reference to MCL 211.1053. Amends sec. 5 of 2014 PA 86 (MCL 123.1345). TIE BAR WITH: SB 0659'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Local Community Stabilization Authority Act to update a cross-reference to MCL 211.1053, which defines ‘acquisition cost.’ Specifically, it amends section 5 of 2014 PA 86 (MCL 123.1345). The bill also clarifies the definition of ‘captured value’ by expanding it to include various tax increment finance authority valuations. It ties this bill to Senate Bill 659 for enactment.
Key provisions
- Updates the cross-reference to MCL 211.1053 (acquisition cost) within the Local Community Stabilization Authority Act.
- Expands the definition of ‘captured value’ to include valuations from various tax increment finance authorities.
- Defines ‘Ambulance services,’ ‘Authority,’ ‘Council,’ ‘Debt loss,’ ‘Department,’ ‘Eligible personal property,’ ‘Essential services,’ ‘Fire services,’ ‘Fiscal year,’ ‘Increased captured value,’ ‘Industrial personal property,’ ‘Municipality,’ ‘Personal property exemption loss,’ ‘Police services,’ ‘Qualified loss,’ ‘Qualified obligation,’ ‘Qualified school debt millage rate,’ ‘Small taxpayer exemption loss,’ ‘Tax increment finance authority,’ ‘Taxable value,’ and ‘Utility personal property.’
- Specifies calculations related to ‘Increased captured value’ and ‘Increased value from expired tax exemptions’ for tax increment finance authorities.
- Clarifies the definition of ‘Qualified obligation’ to exclude certain payments.
- Defines ‘Total qualified loss’ for statewide calculation purposes.
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