Michigan HB5073 amends definitions and caps on tax capture revenues for brownfield redevelopment projects.

Michigan HB5073 amends the definitions of "housing property" and "tax capture revenues" and modifies the cap on total tax capture revenues for brownfield redevelopment projects. It defines "housing property" as property with residential housing units, including personal property. It defines "tax capture revenues" as income, withholding, sales and use tax revenues collected from individuals within eligible properties. The bill sets a cap of $1.6 billion on total annual tax capture revenues and $200 million on construction period tax capture revenues.

Michigan HB5073 amends definitions and caps on tax capture revenues for brownfield redevelopment projects.

Michigan HB5073 amends the definitions of "housing property" and "tax capture revenues" and modifies the cap on total tax capture revenues for brownfield redevelopment projects. It defines "housing property" as property with residential housing units, including personal property. It defines "tax capture revenues" as income, withholding, sales and use tax revenues collected from individuals within eligible properties. The bill sets a cap of $1.6 billion on total annual tax capture revenues and $200 million on construction period tax capture revenues.