MI SB0533

Allows brownfield redevelopment authorities to retain and receive state education tax revenues to offset losses from personal property tax exemptions, if approved by the Department of Treasury.

Permits retained education tax revenues to repay advances, obligations, development agreements, and eligible activities in brownfield plans that were initiated within 1 year of the amendatory act's effective date.

Requires authorities to apply annually by June 15 (or by 30 days after the effective date for 2013 only) with the Department of Treasury, providing estimated millage rates, tax increment revenues, and payment obligations for the fiscal year.

Establishes that the Department of Treasury must approve, modify, or deny applications by August 15 based on compliance with application requirements, with opportunity for the authority to appeal a denial within 30 days.

Directs the legislature to appropriate funds annually to cover any shortfall between retained education taxes and the calculated amount owed to authorities, and clarifies that authority obligations do not create a state debt or pledge the state's credit.