Bill > SB0723

This bill modifies the Brownfield Redevelopment Financing Act to enhance transparency and oversight of transformational brownfield plans, which are large-scale redevelopment projects aimed at significantly impacting local economies. Key provisions include requiring a dedicated public webpage for the transformational brownfield program to display meeting notices, board documents, financial analyses, audit reports, project milestone statuses, and detailed tax revenue and exemption data, with updates occurring at least quarterly. Additionally, meetings of the Michigan Strategic Fund Board concerning these plans must be livestreamed and recorded. The bill also adjusts financial limits for tax capture and construction period tax capture revenues, extends the deadline for approving new transformational brownfield plans, and clarifies rules around safe harbor calculations for income tax and withholding tax capture revenues, including new requirements for projects approved after December 31, 2026. It also introduces definitions for "withholding-disqualified employee" and "withholding-disqualified entity" to refine what tax revenues can be captured.