Bill > HB6041

This bill amends the Brownfield Redevelopment Financing Act to make several changes related to economic development and tax capture by brownfield redevelopment authorities. Key provisions include: 1. Expanding the definition of "eligible property" to include a broader range of properties, including those that are not located in a qualified local governmental unit. 2. Allowing brownfield redevelopment authorities created before the effective date of this bill to capture certain special millages if they have unpaid obligations. 3. Providing a "safe harbor" method for calculating the amount of income tax and withholding tax capture revenues for transformational brownfield projects, which allows the Michigan Strategic Fund to establish standard amounts rather than requiring detailed reporting. 4. Clarifying and expanding the types of eligible activities that can be funded using tax increment revenues, including infrastructure improvements, site preparation, and certain housing development activities. Overall, this bill aims to facilitate brownfield redevelopment and economic growth by providing more flexibility and options for brownfield redevelopment authorities to capture and utilize tax increment revenues.