Michigan HB5867 amends tax increment financing provisions to enhance economic development and infrastructure funding.

Michigan HB5867 amends sections of the Michigan tax increment financing act to refine the definition and application of tax increment revenues. It specifies that tax increment revenues include ad valorem property taxes and specific local taxes attributable to the captured assessed value of real and personal property in a development area. The bill excludes certain taxes from being considered as tax increment revenues, such as those attributable to specific local taxes and those levied by local or intermediate school districts.

Michigan HB5867 amends tax increment financing provisions to enhance economic development and infrastructure funding.

Michigan HB5867 amends sections of the Michigan tax increment financing act to refine the definition and application of tax increment revenues. It specifies that tax increment revenues include ad valorem property taxes and specific local taxes attributable to the captured assessed value of real and personal property in a development area. The bill excludes certain taxes from being considered as tax increment revenues, such as those attributable to specific local taxes and those levied by local or intermediate school districts.