Economic development: tax increment financing; HOPE zone exemption; provide for. Amends secs. 201, 301, 402, 523, 602, 702 & 802 of 2018 PA 57 (MCL 125.4201 et seq.). TIE BAR WITH: HB 5852'26

Summary

The bill amends several sections of the 2018 Tax Increment Financing Act to clarify terms such as “advance,” “captured assessed value,” and “catalyst development project.” It also excludes property in HOPE zones from the captured assessed‑value calculation and sets criteria for large‑scale catalyst projects. These changes affect municipalities, downtown development authorities, and developers seeking financing under the TIF program.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share