Economic development: other; recodified tax increment financing act; amend to reflect elimination of the Michigan strategic fund. Amends secs. 219, 402, 403, 404, 410, 412, 412a, 412b, 412c & 412e of 2018 PA 57 (MCL 125.4219 et seq.). TIE BAR WITH: SB 0631'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Michigan Tax Increment Financing Act to reflect the elimination of the Michigan Strategic Fund. It outlines changes to sections related to development plans, public purpose determinations, and the approval process, particularly concerning projects involving alternative energy technology and business incubators. The bill aims to streamline the process for establishing and operating tax increment financing authorities while maintaining key requirements for public benefit and responsible financial management.
Key provisions
- Updates sections of the Tax Increment Financing Act to remove references to the Michigan Strategic Fund.
- Clarifies the criteria for determining whether a development plan constitutes a ‘public purpose.’
- Specifies requirements for amending approved development plans, including approval by the Michigan Strategic Fund.
- Defines key terms related to tax increment financing, such as ‘captured assessed value,’ ‘alternative energy technology,’ and ‘eligible property.’
- Outlines procedures for establishing and operating tax increment financing authorities, including requirements for public hearings and resolutions.
- Details provisions for exempting taxes from capture in certain circumstances, such as for public libraries and specific types of development.
- Establishes criteria for designating certified technology parks and certified alternative energy parks.
- Addresses the role of the Michigan Economic Development Corporation in overseeing tax increment financing activities.
Bill text
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