MI HB6216

Excludes housing property under transformational brownfield plans (section 13c) from the definition of "eligible property" for standard brownfield plans, limiting housing development to non-transformational plans under section 13.

Changes the base year reference for calculating initial income tax value, initial sales and use tax value, and initial withholding tax value from "tax year in which" the plan is adopted to "base year specified in" the plan resolution.

Increases the annual cap on total tax capture revenues (income tax, withholding tax, and sales and use tax) from $80,000,000 to $110,000,000 per calendar year under transformational brownfield plans.

Increases the lifetime cap on total tax capture revenues from $1,600,000,000 to $2,200,000,000 across all transformational brownfield plans.

Extends the timeline for transmitting tax increment revenues from authorities to owners/developers from 30 days to 45 days after transfer to the state brownfield redevelopment fund.

Requires independent third-party underwriting analysis for plans using safe harbor calculation methods with capital investment of $100,000,000 or more, in addition to existing requirements for plans proposing more than $10,000,000 in annual tax capture.