MI SB0620

Adds definition of "catalyst development project" for municipalities with population over 600,000, requiring at least $300,000,000 in capital investment with a limit of one per authority.

Allows state education tax and school district taxes on captured assessed value to be included in tax increment revenues for catalyst development projects and up to $8,000,000 in building demolition costs.

Permits library boards and commissions to opt into tax capture for public library millages approved after December 31, 2016, and allows existing library millages (pre-2017) to remain exempt unless altered by written agreement.

Enables municipalities with authorities to enter into interlocal agreements with adjoining qualified townships to jointly operate authorities in township downtown districts, covering board composition, district boundaries, tax capture, and obligations.

Establishes procedures for taxing jurisdictions to exempt their ad valorem property taxes from capture within 60 days of a public hearing, with ability to rescind exemption at later date.