Bill > SB0723

This bill amends the Brownfield Redevelopment Financing Act to enhance transparency, accountability, and requirements for transformational brownfield plans, which are economic development projects designed to revitalize blighted or underused properties. The bill introduces several key provisions, including creating a public webpage with detailed information about transformational brownfield plans, requiring livestreaming of Michigan Strategic Fund board meetings when these plans are discussed, and establishing new reporting and disclosure requirements. The bill increases the total amount of tax capture revenues that can be committed from $1.6 billion to $3.5 billion and adds a 25% increase to tax capture revenues that will be used for housing, child care, and small business programs. Additionally, the bill prohibits publicly traded companies receiving tax incentives from conducting stock buybacks during the period they are capturing tax revenues and adds provisions to ensure that projects create new jobs and do not simply relocate existing jobs within the state. The legislation aims to provide more oversight, ensure public access to information about these development projects, and create more comprehensive economic development strategies that benefit local communities.

Budget and Finance, Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0723