HB 6041 Summary

• Changes language in the Brownfield Redevelopment Financing Act from "shall" to "must" and makes minor grammatical updates throughout the statute.

• Modifies the definition of "lead, mold, or asbestos abatement" to specify that such abatement is eligible only "if" (not "when") these substances pose an imminent and significant threat to human health.

• Adds section 266a of the income tax act to the list of tax credits that must be subtracted when calculating income tax capture revenues and initial income tax values for transformational brownfield plans.

• Excludes from tax increment revenues ad valorem property taxes or specific local taxes levied for a separate millage approved by electors for a specific purpose, with an exception for millages approved under section 34d(11) of the general property tax act.

• Allows brownfield redevelopment authorities created before the amendment's effective date to capture taxes from special millages levied before that date if the authority has unpaid obligations.