MI SB1238

Amends the Tax Increment Financing Authority Act to add definitions for "transit-oriented development" and "transit-oriented facility" to support infrastructure improvements within one-half mile of transit stations.

Defines transit-oriented development as infrastructure improvements that promote transit ridership or passenger rail use, subject to board determination and municipal approval.

Defines transit-oriented facility as a facility housing a transit station designed to promote transit ridership or passenger rail use.

Creates a phased reduction in tax increment revenues available for eligible obligations and management contracts, declining from $3,000,000 annually (taxes levied through June 30, 2010) to $0 (taxes levied after June 30, 2015).

Effective immediately upon Governor's approval on December 14, 2010.