Michigan SB1141: Economic development: tax increment financing; definition of tax increment revenues; exclude taxes levied under history museum authorities act. Amends secs. 201, 301, 402, 523, 603, 703 & 803 of 2018 PA 57 (MCL 125.4201 et seq.). TIE BAR WITH: SB 1139'26, SB 1140'26

What the bill says

To amend 2018 PA 57, entitled "Recodified tax increment financing act," by amending sections 201, 301, 402, 523, 603, 703, and 803 (MCL 125.4201, 125.4301, 125.4402, 125.4523, 125.4603, 125.4703, and 125.4803), section 201 as amended by 2026 PA 5 and section 402 as amended by 2023 PA 312.

From the engrossed text, September 10, 2026:

A bill to amend 2018 PA 57, entitled "Recodified tax increment financing act," by amending sections 201, 301, 402, 523, 603, 703, and 803 (MCL 125.4201, 125.4301, 125.4402, 125.4523, 125.4603, 125.4703, and 125.4803), section 201 as amended by 2026 PA 5 and section 402 as amended by 2023 PA 312. the people of the state of michigan enact: Sec. 201. As used in this part: (a) "Advance" means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority in anticipation of repayment by the authority. Evidence of the intent to repay an advance includes, but is not limited to, an executed agreement to repay, provisions contained in a tax increment financing plan approved before the advance, or a resolution of the authority or the municipality. (b) "Assessed value" means 1 of the following: (i) For valuations made before January 1, 1995, the state equalized valuation as determined under the general property tax act, 1893 PA 206, MCL 211.1 to 211.155. (ii) For valuations made after December 31, 1994, the taxable value as determined under section 27a of the general property tax act, 1893 PA 206, MCL 211.27a. (c) "Authority" means a downtown development authority created under this part. (d) "Board" means the governing body of an authority. (e) "Business district" …

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Sponsors

• Santana, Sylvia (D, 2) · primary sponsor