MI HB5059

Requires the state to reimburse intermediate school districts annually beginning January 1, 2021 for tax increment revenues captured by brownfield redevelopment authorities from school operating property taxes under specified sections of the Revised School Code.

Reimbursement applies to tax increments from property taxes levied for operating purposes under section 625a, sections 681-690, and sections 1722-1729 of the Revised School Code (MCL 380.625a, 380.681-690, 380.1722-1729).

Requires intermediate school districts to use reimbursed amounts only for the purposes for which the original property taxes were levied.

Directs the Michigan Strategic Fund, Michigan Economic Development Corporation, and Department of Treasury to work together to identify the amount of tax revenues captured by authorities that are subject to reimbursement.

Effective date: March 24, 2021.