An act to amend 2018 PA 57, entitled “An act to provide for the recodification and establishment of certain tax increment finance authorities; to prescribe the powers and duties of the authorities; to correct and prevent deterioration in residential, commercial, and industrial areas and certain other areas; to authorize the acquisition and disposal of interests in real and personal property; to authorize the creation and implementation of development plans and development areas; to promote residential and economic growth; to create certain boards; to prescribe the powers and duties of certain boards; to authorize the issuance of bonds and other evidences of indebtedness; to levy certain taxes; to authorize the use of tax increment financing; to prescribe powers and duties of certain state officials; to provide for rule promulgation; to provide for enforcement of this act; and to repeal acts and parts of acts,” by amending section 402 (MCL 125.4402).
House Bill 5074 would amend Part 4 (Local Development Finance Authorities) of the Recodified Tax Increment Financing Act to allow local development finance authorities (LDFAs) to retroactively capture certain tax revenues for certified technology parks, commonly known as “SmartZones.”
Introduced
by
Referred to the Committee on Local Government and Municipal Finance
Reported without amendment
Passed in the House 63 to 46 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Economic and Community Development
Reported without amendment
Referred to the Committee of the Whole
Reported without amendment
Passed in the Senate 24 to 11 (details)
