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Legislation watch
2015 Senate Bill 539: Expand “promise zone” tax increment financing authorities
Public Act 9 of 2016
Introduced by Sen. Goeff Hansen R-Hart on October 1, 2015
To expand from 10 to 15 the number of “promise zone” tax increment financing authorities (TIFA) located in low income and “low educational attainment” areas. These entities were authorized by a 2008 law to “capture" a portion of any increases in the state portion of school property tax revenue in the area, and use the money to partially subsidize college tuition for local students. Official Text and Analysis.
Referred to the Senate Economic Development and International Investment Committee on October 1, 2015
Reported in the Senate on October 20, 2015
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Received in the House on October 29, 2015
Referred to the House Workforce and Talent Development Committee on October 29, 2015
Reported in the House on January 14, 2016
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
To impose additional reporting requirements on “promise zone” tax increment financing authorities located in low income and “low educational attainment” areas, and provide a means for dissolving them. These entities were authorized by a 2008 law to “capture" a portion of any increases in the state portion of school property tax revenue in the area, and use the money to partially subsidize college tuition for local students.
Received in the Senate on January 28, 2016
Signed by Gov. Rick Snyder on February 16, 2016