MI HB4209

Allows municipalities with populations under 1,000 in counties under 100,000 that established downtown development authorities in 1985 to extend expired tax increment financing plans, treating the initial assessed value as if the plan had not expired on December 31, 2022

Makes technical and clarifying changes throughout the Recodified Tax Increment Financing Act, replacing phrases like "prior to" with "before," "shall be" with "is/are/must," and "pursuant to" with "under"

Maintains existing provisions for downtown development authorities including definitions for captured assessed value, catalyst development projects (requiring at least $300 million capital investment in cities over 600,000 population), and tax increment revenue calculations

Preserves rules for qualified refunding obligations, eligible advances, and other protected obligations related to tax increment financing plans approved before various statutory deadlines