Economic development: tax increment financing; tax increment financing act; amend to include dam repairs and maintenance. Amends sec. 703 of 2018 PA 57 (MCL 125.4703).

Summary

The bill updates the definition of “water resource improvement” in the Tax Increment Financing Act to specifically include dam maintenance and repairs. By doing so, it lets local tax increment financing authorities use captured tax revenues to fund dam-related projects. This change affects municipalities, development authorities, and water‑resource districts that pursue financing for water infrastructure.

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