Bill > SB0108

This bill amends the Recodified Tax Increment Financing Act by modifying several definitions and provisions related to downtown development authorities (DDAs). The bill makes numerous technical changes, such as replacing phrases like "pursuant to" with "under" and adjusting language around specific terms. Key modifications include clarifying the definition of an "advance" by specifying that evidence of intent to repay includes executed agreements or provisions in tax increment financing plans, and refining the definition of a "catalyst development project" as a project located in a municipality with over 600,000 people that is expected to result in at least $300,000,000 of capital investment. The bill also updates provisions related to initial assessed value calculations, including specific scenarios for municipalities of different population sizes and how property values are determined when creating or extending downtown development districts. Additionally, the bill provides more detailed descriptions of what constitutes tax increment revenues, including specifying how taxes from various jurisdictions (such as state education taxes and local school districts) can be captured and used by downtown development authorities. These changes aim to provide more clarity and flexibility in how municipalities can establish and manage downtown development areas.

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https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0108