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MI HB5246
Bill
Status
8/15/2012
Primary Sponsor
Wayne Schmidt
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AI Summary
HB 5246 Summary
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Amends Michigan's Local Development Finance Authority Act to expand definitions and designations for certified technology parks and certified alternative energy parks.
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Increases the number of certified technology parks that may be designated from 10 to 21 total (10 original plus 5 additional parks after November 1, 2002, plus 3 more after February 1, 2008, plus 3 before March 31, 2013).
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Allows certified technology parks to capture school tax revenues for an additional 5 years (beyond the standard 15-year period) with state treasurer and Michigan economic development corporation approval, or for an additional 15 years if coordinating with another authority district.
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Expands certified alternative energy parks authority to capture up to 50% of state education tax and local school district taxes for up to 15 years for public facilities supporting alternative energy technology businesses, with a cap of 10 designated parks.
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Establishes that state shall reimburse school districts for tax revenue lost due to capture by certified technology parks and alternative energy parks designated after October 3, 2002.
Legislative Description
Economic development; local development financing; number of smart zones; increase. Amends secs. 2, 3, 4, 11b, 12, 12a, 12c & 12c[1] of 1986 PA 281 (MCL 125.2152 et seq.).
Economic development, local development financing
Last Action
Assigned Pa 290'12 With Immediate Effect
8/15/2012