MI HB5557

Amends Section 13c of the Downtown Development Authority Act to allow authorities to retain state education taxes when personal property tax exemptions reduce tax increment revenues

Requires authorities to apply annually to the Michigan Department of Treasury by specified deadlines (June 15 or June 1, depending on year) with detailed information about expected millage rates, tax increment revenues, and obligations

Establishes that the Department of Treasury must approve, modify, or deny applications within specified timeframes (August 15 for most years), with opportunity for the authority to appeal a denial within 21 days

Directs the legislature to annually appropriate and distribute funds to authorities for any shortfall between retained taxes and calculated amounts, or the full calculated amount if the application is denied

Clarifies that distributions are made on a per-development-area basis and that state tax commission may use alternative 12-month debt payment periods for calculations