MI HB6040

Amends the Recodified Tax Increment Financing Act to allow authorities to capture ad valorem property taxes levied for separate millages for specific purposes approved by electors, if the authority was created before the effective date and has unpaid obligations.

Changes mandatory language ("shall") to discretionary language ("may") throughout multiple sections governing authority preparation and submission of tax increment financing plans.

Updates terminology from "prior to" and "upon" to modern usage ("before" and "on") throughout the statute for consistency and clarity.

Modifies exemptions for public library millages approved after December 31, 2016, allowing library boards to voluntarily participate in tax increment financing capture through written agreements with authorities.

Makes technical corrections to cross-references and reorganizes subsection numbering to improve statutory organization and consistency across different parts of the tax increment financing act.