Modifies provisions related to tax increment financing for certified technology parks in Michigan.

This bill amends sections of Michigan's 2018 Public Act 57 to modify provisions related to tax increment financing for certified technology parks. It includes changes to the reimbursement of lost tax revenue to local school districts and the school aid fund, the designation process for certified technology parks, and the criteria for municipalities to qualify for such designations. The bill also outlines the process for extending the capture period of tax increment revenues and the conditions under which additional certified technology parks can be designated.

Modifies provisions related to tax increment financing for certified technology parks in Michigan.

This bill amends sections of Michigan's 2018 Public Act 57 to modify provisions related to tax increment financing for certified technology parks. It includes changes to the reimbursement of lost tax revenue to local school districts and the school aid fund, the designation process for certified technology parks, and the criteria for municipalities to qualify for such designations. The bill also outlines the process for extending the capture period of tax increment revenues and the conditions under which additional certified technology parks can be designated.