Introduced
by
To expand the scope of activities on which tax increment finance authorities (TIFAs) may spend “captured” tax increment finance revenue. The bill would allow TIFAs to “capture” incremental increases in state or local school property taxes, for uses approved by MEDC, based on its assessment that these will increase economic activity in the area. The legislative package authorizes up to $100 million for projects that it would allow, if the agreements are signed by the end of 2006. This is part of Gov. Jennifer Granholm’s “Jobs Today” public works proposal. See also Senate Bill 413.
Referred to the Committee on Appropriations
