Introduced
by
To revise the definition of "other protected obligations" in the law authorizing downtown development authorities (DDAs), to include a certain obligation involving the City of Wixom and a DDA there. This affects tax increment financing used by DDAs, which allow the authorities to capture increased local property tax revenue, but not school tax revenue, that results from financing certain improvement projects. Due to limitations on local property tax rates imposed by Proposal A starting in 1994, the payment of some existing obligations, called "other protected obligations," could not be met without allowing an exemption for either the capture of school taxes, or reimbursement by the state.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Referred to the Committee on Finance
