SB 0665
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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Bill overview
This bill makes a technical update to the Local Community Stabilization Authority Act. Specifically, it amends section 5 of 2014 PA 86 (MCL 123.1345) to update a cross-reference to MCL 211.1053, which defines the ‘acquisition cost’ for certain personal property. The amendment clarifies how ‘captured value’ is determined for tax increment finance authorities, referencing various state acts and definitions related to property taxes and exemptions. It also defines key terms used in the act, such as ‘commercial personal property’ and ‘qualified obligation.’
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Primary sponsor
Thomas A. Albert
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