Michigan HB5857 amends the brownfield redevelopment authority to allow for the exemption of HOPE zones from certain tax incentives.

Michigan HB5857 amends the brownfield redevelopment authority to provide for the exemption of HOPE zones from certain tax incentives. The bill allows local governmental units, the Michigan strategic fund, and cities levying a city income tax to terminate exemptions, deductions, or credits for eligible properties. It specifies that the capture of tax increment revenues, construction period tax capture revenues, withholding tax capture revenues, income tax capture revenues, and sales and use tax capture revenues must begin within five years of the Michigan strategic fund's approval of the.

Michigan HB5857 amends the brownfield redevelopment authority to allow for the exemption of HOPE zones from certain tax incentives.

Michigan HB5857 amends the brownfield redevelopment authority to provide for the exemption of HOPE zones from certain tax incentives. The bill allows local governmental units, the Michigan strategic fund, and cities levying a city income tax to terminate exemptions, deductions, or credits for eligible properties. It specifies that the capture of tax increment revenues, construction period tax capture revenues, withholding tax capture revenues, income tax capture revenues, and sales and use tax capture revenues must begin within five years of the Michigan strategic fund's approval of the.