MI SB0624

Adds definitions for "transit-oriented development" and "transit-oriented facility" to include infrastructure improvements within 1/2 mile of transit stations that promote ridership or passenger rail use.

Exempts ad valorem property taxes and specific local taxes levied for separate public library millages approved after December 31, 2016 from automatic tax increment capture, allowing library boards to opt-in through written agreement with the authority.

Allows library boards to opt-out of tax increment capture within 60 days of a public hearing if the authority alters development area boundaries or extends the finance plan duration, but requires written agreement to include taxes in the capture.

Requires libraries created under specified Michigan statutes to obtain approval from the chief executive officer of their creating city before taking any action regarding tax increment capture participation.

Takes effect immediately upon enactment.