Introduced
by
To authorize the creation of two additional “certified technology parks” ("smart zones") in which “tax increment financing” is used to provide infrastructure or other subsidies to technology-based businesses. These authorities "capture" the extra local property tax revenue that (hopefully) results from property value growth generated by certain improvement projects (or selective business subsidies) the authority undertakes (or grants). This would be the <a href="http://www.michiganvotes.org/2009-SB-358">second</a> such expansion in the past year. The two new zones could not "capture" school taxes, however.
Referred to the Committee on Commerce
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Substitute offered
by
To not let the two new zones "capture" school taxes.
The substitute passed by voice vote
Passed in the House 87 to 18 (details)
Referred to the Committee on Economic Development and Regulatory Reform
