MI SB1273

Changes the state fiscal year definition from beginning October 1 to beginning July 1 of each year in the Tax Increment Finance Authority Act.

Modifies the definition of "eligible obligation" to establish declining annual caps on tax increment revenues authorities can receive for certain management and professional services contracts, ranging from $3,000,000 for taxes levied between July 1, 2005 and July 1, 2006, declining to $0 for taxes levied after June 30, 2015.

Updates cross-references from section 14(1) to section 15(1) regarding transmission of tax increment revenues to authorities.

Adds "or" to clarify that tax increment revenues can include levies from either the state education tax or local and intermediate school districts.

Effective only if Senate Bill No. 1281 of the 95th Legislature is enacted into law.