MI HB5584

Allows downtown development authorities to request retention of state education tax revenues to offset losses from personal property tax exemptions, subject to treasury department approval.

Requires eligible authorities to apply to the Michigan Department of Treasury by June 15, 2008, September 30, 2009, and June 1 of each subsequent year, submitting detailed information about property tax rates, estimated tax increment revenues, and outstanding obligations.

Directs the Department of Treasury to approve, modify, or deny applications by August 15 of each year based on substantial compliance with application requirements, with opportunity for authorities to appeal denials within specified timeframes.

Establishes state reimbursement mechanism where the legislature appropriates funds to authorities either when retained taxes fall short of calculated amounts or when applications are denied.

Clarifies that distributions replacing pledged tax increment revenues remain subject to existing liens and that such obligations do not constitute state debt or liability.