Michigan HB5101 modifies the brownfield redevelopment authority to change transformational brownfield plan criteria and reimbursement limits.

Michigan HB5101 amends sections 2 and 14a of the 1996 Michigan brownfield redevelopment authority act. It modifies the criteria for transformational brownfield plans, including changes to the minimum investment requirements and the definition of eligible property. The bill also adjusts the reimbursement limits for tax capture revenues, including income tax, withholding tax, and sales and use tax. It sets specific annual limits for these revenues and introduces a safe harbor method for calculating withholding tax capture revenues.

Michigan HB5101 modifies the brownfield redevelopment authority to change transformational brownfield plan criteria and reimbursement limits.

Michigan HB5101 amends sections 2 and 14a of the 1996 Michigan brownfield redevelopment authority act. It modifies the criteria for transformational brownfield plans, including changes to the minimum investment requirements and the definition of eligible property. The bill also adjusts the reimbursement limits for tax capture revenues, including income tax, withholding tax, and sales and use tax. It sets specific annual limits for these revenues and introduces a safe harbor method for calculating withholding tax capture revenues.