MI SB1006

Amends Section 12b of the Tax Increment Finance Authority Act to allow authorities to retain state education tax revenues when personal property tax exemptions reduce their tax increment revenues.

Establishes application deadlines for eligible authorities to request treasury approval: June 15, 2008, September 30, 2009, and June 1 annually thereafter.

Requires authorities to submit information including expected school millage rates, estimated tax increment revenues, and lists of obligations and payments due in the fiscal year.

Directs the Department of Treasury to approve, modify, or deny applications within specified timeframes, with opportunity for the authority to appeal a denial within 21 days.

Authorizes the legislature to appropriate and distribute funds to authorities to cover shortfalls between retained taxes and calculated amounts, ensuring obligations pledged to tax increment financing are paid.