MI SB0723

Doubles the annual cap on transformational brownfield tax capture revenues from $80 million to $160 million and increases the total program limit from $1.6 billion to $3.5 billion, with the additional $80 million reserved for new plans approved after the bill's effective date

Adds a 25% surcharge on approved construction period, withholding, income, and sales/use tax capture revenues, with proceeds distributed to the Michigan Housing and Community Development Fund (40%), child care programs (40%), and small business/placemaking programs (20%)

Requires the Michigan Strategic Fund to create a public searchable database of all brownfield plans by April 1, 2026, establish a dedicated webpage for the transformational brownfield program with meeting recordings, financial analyses, and tracking of tax captures and exemptions

Prohibits publicly traded developers from conducting stock buybacks while receiving tax captures, and cancels capture authority if a developer reduces Michigan employment resulting in net job losses to the state

Expands eligibility for up to 100% withholding tax capture for qualified cultural institution projects (over $400 million capital investment attracting 750,000+ annual visitors) and requires affordable housing components for residential projects approved after the effective date