MI HB5395

Expands eligible activities for brownfield redevelopment to include property acquisition costs (up to fair market value), construction/renovation of buildings, infrastructure improvements, site preparation, and environmental remediation for properties described in the new subdivision (p)(i)

Requires brownfield plans to authorize tax increment revenue capture for a minimum of 20 years but no more than 30 years from the beginning date of capture for each eligible property

Allows brownfield redevelopment authorities to finance additional costs through revenue bonds, including property acquisition, construction, improvements, engineering and architectural expenses, and legal and accounting fees

Updates statutory references from MCL 206.715 to MCL 206.718 regarding income tax withholding provisions used in calculating initial withholding tax value and withholding tax capture revenues for transformational brownfield plans

Adds eligible activities described in the new section 2(o)(vii) to the list of activities that require Michigan Strategic Fund approval before taxes levied for school operating purposes can be used