Bill > SB0199

This bill amends the Recodified Tax Increment Financing Act by modifying and expanding definitions related to tax increment financing (TIF), with a particular focus on expanding the definition of "other protected obligation". The bill makes numerous technical changes to existing language, including clarifying terminology, updating cross-references, and adding a new category of protected obligations. Specifically, the bill adds a new provision (section (ix)) that allows for an obligation to be considered a protected obligation if it is issued to finance a public facility or project in a municipality with a specific population range (between 111,000 and 114,000 residents), with purposes including repurposing office buildings, developing residential housing, and creating public infrastructure in a downtown area. This new provision extends the potential financing timeline to the year 2059 and provides more flexibility for municipalities to undertake economic development projects. The bill also makes numerous minor linguistic adjustments throughout the existing definitions, such as replacing "pursuant to" with "under" and making grammatical refinements, while maintaining the overall structure and intent of the original tax increment financing legislation.

Budget and Finance, Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0199