An act to amend 2018 PA 57, entitled “An act to provide for the recodification and establishment of certain tax increment finance authorities; to prescribe the powers and duties of the authorities; to correct and prevent deterioration in residential, commercial, and industrial areas and certain other areas; to authorize the acquisition and disposal of interests in real and personal property; to authorize the creation and implementation of development plans and development areas; to promote residential and economic growth; to create certain boards; to prescribe the powers and duties of certain boards; to authorize the issuance of bonds and other evidences of indebtedness; to levy certain taxes; to authorize the use of tax increment financing; to prescribe powers and duties of certain state officials; to provide for rule promulgation; to provide for enforcement of this act; and to repeal acts and parts of acts,” by amending section 201 (MCL 125.4201).
Senate Bill No. 581 amends Michigan's tax increment financing law to clarify definitions, expand flexibility for local development authorities, and refine procedures for managing financial obligations and development districts, particularly in large municipalities.
Introduced
by
Referred to the Committee on Local Government
Reported without amendment
Referred to the Committee of the Whole
Reported without amendment
Passed in the Senate 22 to 13 (details)
Referred to the Committee on Economic Competitiveness
Discharged from committee
Substitute H-1 offered
by
The substitute passed by voice vote
Passed in the House 98 to 2 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Substitute H-1 concurred in 22 to 9 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
