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MI HB4929
Bill
Status
10/14/2020
Primary Sponsor
Tenisha Yancey
Click for details
AI Summary
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Modifies calculations for municipalities operating tax increment finance (TIF) authorities regarding captured value of industrial and commercial personal property
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Changes the calculation formula for calendar years 2021 and later to include the state education tax levied under the 1993 State Education Tax Act in addition to millage rates previously calculated
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Requires municipalities to subtract current year captured value of industrial and commercial personal property from 2013 baseline values and multiply by applicable millage rates
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Includes adjustments for refinanced obligations to prevent double-counting of school district operating tax and state education tax revenue
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Effective immediately upon enactment on October 15, 2020
Legislative Description
Property tax: local community stabilization share; certain calculations relating to tax increment financing plans; modify. Amends sec. 16a of 2014 PA 86 (MCL 123.1356a).
Property tax: local community stabilization share
Last Action
Assigned Pa 197'20 With Immediate Effect
10/14/2020