HB 5395
Economic development: brownfield redevelopment authority; brownfield tax increment financing credits; modify. Amends secs. 2, 12, 13 & 13b of 1996 PA 381 (MCL 125.2652 et seq.).
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- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies the Brownfield Redevelopment Financing Act to clarify definitions and expand the types of activities eligible for tax increment financing credits. Specifically, it updates definitions related to ‘blighted’ property, ‘construction period tax capture revenues,’ and ‘department specific activities,’ and introduces a new provision for ‘income tax capture revenues’ tied to transformational brownfield plans. The bill also addresses housing property and former mills, aiming to stimulate economic development in brownfield areas.
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