Economic development: downtown development authorities; exemption from real estate transfer taxes; modify to reflect repeal of the state real estate transfer tax act. Amends sec. 228a of 2018 PA 57 (MCL 125.4228a). TIE BAR WITH: HB 5880'26, HB 5874'26

Summary

The bill amends the 2018 Tax Increment Financing Act to confirm that downtown development authorities are not subject to state real estate transfer taxes on property conveyances. It applies to any authority’s earnings or property and will only become effective if two companion bills also pass. The measure aims to streamline economic development by removing tax barriers.

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