MI HB4459

Amends the Downtown Development Authority Act to add definitions and clarifications related to tax increment financing, including "advance," "assessed value," "captured assessed value," and "catalyst development project."

Defines "catalyst development project" as a project in municipalities with populations over 600,000 that requires at least $300,000,000 in capital investment, with no more than one per authority.

Allows tax increment revenues to include state education tax and school district taxes on captured assessed value to pay for demolition of buildings (up to $8,000,000) or debt service in cities with populations of 600,000 or more.

Permits tax increment revenues from state education taxes and school district taxes levied on or after July 1, 2010 to fund land acquisition, preliminary site work, and construction costs for catalyst development projects in large cities.

Effective immediately upon Governor's approval on June 19, 2013.