MI HB6559

Modifies tax increment financing reimbursement formulas in sections 213c, 312b, and 411b to include personal property tax exemptions under MCL 380.1211(1) and (4) of the revised school code, in addition to existing exemptions referenced.

Changes calculation methodology for fiscal years beginning January 1, 2019 and thereafter to use the greater of either current year captured assessed value or 2013 captured assessed value of industrial and commercial personal property located on industrial or commercial property.

Applies these modifications to tax increment financing authorities seeking state education tax capture, requiring department of treasury approval with specified application deadlines and information requirements.

Maintains existing provisions for authorities to request local tax collectors retain and pay state education taxes to repay eligible advances, obligations, and other protected obligations.

Preserves legislative intent that state general fund shall reimburse school aid fund for revenue differences when total allowed tax captures exceed projected school aid fund losses from the exemptions.