The bill amends the Recodified Tax Increment Financing Act of 2018, introducing several key changes across multiple sections. Notable insertions include a requirement for the governing body to determine if a development or tax increment financing plan serves a public purpose after a public hearing, and the stipulation that proposed amendments to an approved development plan must be submitted to the Michigan Strategic Fund for approval. The bill also clarifies definitions related to alternative energy technology and businesses, as well as the roles of the Michigan Economic Development Corporation and the Michigan Strategic Fund. Additionally, it establishes a timeline for the approval of amendments, stating that if the Michigan Strategic Fund does not act within 45 days, the amendments will be deemed approved.

Further amendments focus on the establishment and operation of certified technology parks and certified alternative energy parks, requiring institutions to demonstrate a commitment to commercialization and the development of business incubators. The bill emphasizes the importance of public involvement in the establishment of authorities, mandating public hearings and notifications to taxpayers. It also introduces provisions for tax increment financing plans, including detailed requirements for the use of captured revenues for public facilities. Overall, the amendments aim to streamline processes, enhance transparency, and promote economic growth, particularly in the areas of alternative energy and technology development.

Statutes affected:
Senate Introduced Bill: 125.4219