HB 5900 Summary

• Amends the Brownfield Redevelopment Financing Act (1996 PA 381) to modify definitions and eligibility criteria for brownfield redevelopment projects in Michigan.

• Expands the definition of "blighted" property to include property owned by or under control of a land bank fast track authority, with protections that prevent loss of blighted status upon sale or transfer of the property.

• Adds new definitions and frameworks for "transformational brownfield plans" that require specified capital investment levels based on municipality population, ranging from $15 million to $500 million.

• Establishes mechanisms for capturing tax increment revenues from three sources: property tax capture, income tax capture from residents, withholding tax capture from employees, and construction period wage tax capture.

• Modifies "tax increment revenues" definition to exclude taxes levied for school operating purposes and taxes captured by other development authorities as of the date property became subject to a brownfield plan.