Economic development: brownfield redevelopment authority; transformational brownfield plan; modify. Amends secs. 2, 13c, 14a & 16 of 1996 PA 381 (MCL 125.2652 et seq.) & adds secs.16a & 16b.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies the Brownfield Redevelopment Financing Act to create a ‘Transformational Brownfield Plan’ process. It establishes new definitions related to blight, eligible activities, and financing, including ‘construction period tax capture revenues.’ The bill aims to incentivize redevelopment of brownfield sites, particularly in designated areas, by offering financial incentives tied to job creation and economic growth. It adds sections for tracking and reporting on these incentives.
Key provisions
- Defines ‘Transformational Brownfield Plan’ and establishes criteria for its approval.
- Introduces ‘construction period tax capture revenues,’ a mechanism to fund brownfield redevelopment through income tax withholding.
- Expands the definition of ‘eligible activities’ to include a broader range of redevelopment costs and improvements.
- Creates new definitions, including ‘qualified local governmental unit,’ ‘economic opportunity zone,’ and ‘safe harbor method’ for calculating tax capture revenues.
- Adds sections 16a and 16b to the act, addressing reporting requirements and oversight.
- Clarifies the process for determining ‘initial taxable value’ and ‘initial withholding tax value.’
- Establishes a process for designating ‘targeted redevelopment areas.’
- Defines ‘Work plan’ and ‘Zone’ for clarity.
Who is affected
- Local governments (cities, villages, townships)
Bill text
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Document of record
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