MI HB5463

Expands the definition of "catalyst development project" to allow authorities in municipalities with populations over 600,000 to designate projects expecting at least $300,000,000 in capital investment, with no more than one per authority.

Permits authorities to pledge available tax increment revenues as security for bonds issued to develop and construct a catalyst development project under a tax increment financing plan.

Allows tax increment revenues from state education taxes and school districts levied after July 1, 2010 to fund costs associated with land acquisition, preliminary site work, and construction of a catalyst development project in municipalities with populations over 600,000.

Establishes that beginning January 1, 2010, authorities are exempt from all taxation on earnings and property, and instruments of conveyance from authorities are exempt from transfer taxes.

Requires proposed amendments to development plans incorporating a catalyst development project to be submitted to the Michigan strategic fund for approval, with amendments deemed approved if not rejected within 45 days.