MI SB1223

Modifies the calculation method for tax increment revenue reimbursements to tax increment finance authorities for fiscal years beginning January 1, 2019 and thereafter by using the greater of either the current year's captured assessed value or the 2013 baseline captured assessed value of industrial and commercial personal property.

Allows tax increment finance authorities to retain state education tax revenues to repay eligible advances, eligible obligations, and other protected obligations when personal property tax exemptions reduce allowable school tax capture.

Requires authorities to submit applications to the Department of Treasury by specified deadlines (June 15, August 15, or September 30 depending on the year) requesting approval to retain and receive state education tax revenues.

Establishes that the legislature will appropriate and distribute reimbursements to authorities if retained taxes are insufficient to meet obligations or if applications are denied by the Department of Treasury.

Clarifies that obligations paid through these distributions are not debts or liabilities of the state and do not pledge the state's faith and credit.