Introduced
by
To clarify that the beginning date for “capture” of tax increment revenue in a brownfield tax increment finance authority is the date of the brownfield plan amendment, rather than the original brownfield plan. The bill would increase the overall amount of “captured” revenue that is shifted from local government tax collections to some of these authorities. This revenue is used by them to pay the debt service on money borrowed to pay for site cleanup projects, or in <a href="http://www.michiganvotes.org/2009-SB-323">some recent bills</a>, for non-cleanup related “economic development” projects.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 97 to 6 (details)
