MI HB6560

Modifies the Brownfield Redevelopment Financing Act to change how authorities calculate reimbursement when personal property tax exemptions reduce tax increment revenues.

For fiscal years beginning January 1, 2019 and thereafter, authorities must use the greater of either the current year's captured assessed value of industrial and commercial personal property or the 2013 captured assessed value as the basis for calculations.

Requires authorities to apply annually by June 15 to the Department of Treasury for approval to retain state education tax revenues, submitting detailed information about property tax rates, estimated tax increments, and planned expenditures.

The Department of Treasury must approve, modify, or deny applications by August 15, with authorities having the right to discuss denials within 21 days; the legislature must appropriate state funds to cover any shortfalls between approved amounts and actual tax collections.

Updates cross-references to reflect the recodification of tax increment financing statutes under 2018 PA 57 and clarifies that state appropriations are not a state debt or pledge of state credit.