Bill > HB5031

This bill amends the Recodified Tax Increment Financing Act, making several technical and substantive changes to provisions governing local development financing authorities and certified technology parks. The key modifications include expanding opportunities for technology parks to capture additional tax revenues, creating new pathways for extending tax capture periods, and establishing more flexible rules for designating distinct geographic areas within technology parks. Specifically, the bill allows certified technology parks to potentially capture state education and local school district taxes for extended periods (up to 15 additional years) if they meet certain criteria, such as demonstrating economic growth, reducing unemployment, and agreeing to additional reporting requirements. The bill also introduces a mechanism for municipalities to extend technology park agreements by modifying their tax increment financing plans to capture only local taxes, with the potential for up to two 15-year extensions. Additionally, the bill makes minor grammatical and technical changes, such as updating language around high-technology activities and clarifying application processes for designating technology park areas. These changes are designed to provide more flexibility for economic development initiatives and potentially attract more business investment in designated technology park regions.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5031