MI HB5768

Modifies the definition of allowable uses for excess tax increment revenues, permitting authorities to retain surplus funds for purposes that further the development program as determined by board resolution, rather than automatically reverting all surplus funds to taxing bodies.

Clarifies that excess tax increment revenues beyond estimated revenues or actual plan costs may only be retained if the board determines by resolution that such retention furthers the development program in accordance with the tax increment financing plan or development plan.

Adds explicit language that excess tax increment revenues not retained by the authority shall revert proportionately to respective taxing bodies or jurisdictions.

Specifies that tax increment financing plans or development plans cannot be abolished, expired, or terminated until principal and interest on bonds issued under the act have been paid or funds sufficient for payment have been segregated and placed in an irrevocable trust for bond holders.