A bill to amend 2018 PA 57, entitled “Recodified tax increment financing act,” by amending sections 203, 303, 404, 618, 715, and 814 (MCL 125.4203, 125.4303, 125.4404, 125.4618, 125.4715, and 125.4814).
This legislation seeks to enable Michigan municipalities to establish authorities for preventing property value deterioration, enhancing tax valuation in business districts, and promoting economic growth. The bill outlines the procedures for creating such authorities, including requirements for a public hearing, notifications for property taxpayers and taxing jurisdictions, and the delineation of participation rights for citizens and officials. It offers taxing jurisdictions the option to opt out of tax capture, with specific provisions for public libraries.
Co-sponsored by Sens.
Referred to the Committee on Finance, Insurance, and Consumer Protection
