MI HB5073

Excludes housing property from eligible property definitions when activities are identified under transformational brownfield plans (section 13c), limiting housing-related tax incentives to regular brownfield plans under section 13 only

Increases the annual cap on total tax capture revenues (income tax, withholding tax, and sales and use tax) from $80 million to $120 million for transformational brownfield plans

Raises the overall lifetime cap on income tax, withholding tax, and sales and use tax capture revenues from $1.6 billion to $2.4 billion

Requires independent third-party underwriting analysis for transformational brownfield plans using the safe harbor calculation method when actual capital investment is $100 million or more

Modifies geographic distribution requirements for transformational brownfield plan approvals, requiring that for every plan approved in cities over 225,000 population, at least an equal number must be approved in smaller population tiers (under 100,000 and between 100,000-225,000)

Extends the deadline for transmitting tax increment revenues from municipal and county treasurers to authorities from "not more than 30 days" to "not later than 30 days" and increases the fund transfer deadline from 30 to 45 days