MI HB4461

Amends the Local Development Finance Authority Act to add definitions and clarify terminology used in tax increment financing districts and development areas.

Defines "advance" as a transfer of funds by a municipality to an authority in anticipation of repayment, with evidence of repayment intent documented through agreements, financing plans, or authority resolutions.

Expands eligible property definitions to include alternative energy technology businesses, business incubators in certified technology parks, transit-oriented facilities and developments, and eligible next Michigan businesses.

Clarifies tax increment revenue capture provisions to allow state education tax and school district tax capture up to 50% for public facilities in certified technology parks and alternative energy parks for up to 15 years, with potential 5-year or 15-year extensions under specified conditions.

Defines urban townships eligible to establish authorities based on population, infrastructure, zoning, and property characteristics, including provisions for townships seeking certified technology parks or alternative energy parks.