MI SB1062

Adds Section 51e to the 1967 Income Tax Act to establish a new distribution mechanism for income tax revenues related to brownfield redevelopment projects.

Directs income tax capture revenues attributable to transformational brownfield plans adopted under the Brownfield Redevelopment Financing Act (1996 PA 381) to be deposited into the State Brownfield Redevelopment Fund each state fiscal year.

Defines "income tax capture revenues" by reference to the definition in Section 2 of the Brownfield Redevelopment Financing Act (MCL 125.2652).

Takes effect only if Senate Bill No. ____ or House Bill No. ____ (request no. 06100'16) of the 98th Legislature is enacted into law, creating a tie-bar requirement with another bill.