MI HB5554

Amends the Local Development Financing Act to revise definitions and requirements for local development finance authorities and certified parks in Michigan.

Expands the definition of "alternative energy technology" to include equipment and systems for clean fuel storage, generation, and distribution; alternative energy vehicle research; and manufacturing of anaerobic digester and hydroelectric energy systems.

Adds "alternative energy technology business" as eligible property for tax increment financing, allowing these businesses to access development financing benefits in certified alternative energy parks.

Modifies the definition of "qualified refunding obligation" to permit refunding of certain protected obligations issued before December 31, 2012, subject to net present value tests approved by the Department of Treasury.

Extends the definition of "municipality" for creating certified alternative energy parks to include non-urban townships, broadening which local units can establish these development areas.