MI HB5405

Amends the Tax Increment Finance Authority Act to add definitions and modify tax increment revenue calculations for development authorities.

Excludes ad valorem property taxes levied after December 31, 2011 for fire fighters and police officers retirement benefits (1937 PA 345) from tax increment revenues available to authorities.

Excludes ad valorem taxes levied as court judgment levies from tax increment revenues.

Establishes declining annual caps on tax increment revenues from eligible obligations and management contracts, ranging from $3,000,000 (2005-2010) down to $0 after June 30, 2015.

Adds definitions for transit-oriented development and transit-oriented facilities as eligible public facilities for tax increment financing purposes.