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MI HB4458
Bill
Status
6/18/2013
Primary Sponsor
Eileen Kowall
Click for details
AI Summary
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Amends Michigan's tax increment financing law (1980 PA 450) to modify definitions and procedures for tax increment finance authorities and development areas.
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Establishes declining annual caps on tax increment revenues that authorities can receive from state education taxes and school district taxes to repay eligible obligations and advances, decreasing from $3,000,000 for taxes levied before July 1, 2005 to $0 after June 30, 2015.
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Defines "transit-oriented development" and "transit-oriented facility" as eligible public facilities that promote transit ridership or passenger rail use within one-half mile of a transit station.
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Excludes ad valorem property taxes levied under the Zoological Authorities Act (2008 PA 49) and the Art Institute Authorities Act (2010 PA 296) from tax increment revenues available to authorities.
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Takes effect immediately upon enactment on June 18, 2013.
Legislative Description
Economic development; tax increment financing; capture of increased tax revenue levied under certain tax millages; prohibit. Amends sec. 1 of 1980 PA 450 (MCL 125.1801).
Economic development, tax increment financing
Last Action
Assigned Pa 61'13 With Immediate Effect
6/18/2013