MI SB1222

Modifies the formula for calculating state reimbursement to brownfield redevelopment authorities when personal property tax exemptions reduce tax increment revenues captured by those authorities.

For fiscal years beginning January 1, 2019 and thereafter, requires use of the greater of either the current year's captured assessed value of industrial and commercial personal property or the 2013 baseline captured assessed value for calculation purposes.

Requires brownfield authorities to submit applications for approval by June 15 of each year to the Department of Treasury, with the Department having until August 15 to approve, modify, or deny the application.

Authorizes retained state education tax revenues to be used for repaying advances and obligations made before June 5, 2008, and for eligible activities in approved brownfield plans with work plans approved before June 5, 2009.

Establishes that the legislature shall appropriate and distribute funds to authorities to cover any shortfall between retained taxes and calculated amounts, and clarifies that such obligations do not constitute state debt or indebtedness.