Introduced
by
To revise the definition of "eligible obligations" in the law authorizing downtown development authorities (DDAs), to include certain obligations incurred by the DDA in the town of Bad Axe. This affects tax increment financing (TIF) used by the DDA, which allows it to capture increased local property tax revenue, but not school tax revenue, that results from their financing of certain improvement projects. Due to provisions of Proposal A starting in 1994, the use of school tax revenue in a TIF scheme is not permitted without an exemption.
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 99 to 1 (details)
Referred to the Committee on Commerce and Labor
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
To also require Bad Axe to include the payment of interest on the unpaid school taxes in the repayment plan the bill requires.
The amendment passed by voice vote
Passed in the Senate 38 to 0 (details)
To revise the definition of "eligible obligations" in the law authorizing downtown development authorities (DDAs), to include certain obligations incurred by the DDA in the town of Bad Axe. This affects tax increment financing (TIF) used by the DDA, which allows it to capture increased local property tax revenue, but not school tax revenue, that results from their financing of certain improvement projects. Due to provisions of Proposal A starting in 1994, the use of school tax revenue in a TIF scheme is not permitted without an exemption.
Passed in the House 105 to 0 (details)
To concur with the Senate-passed version of the bill.
