The bill amends the Local Community Stabilization Authority Act by updating definitions and calculations related to financial terms and obligations. Notable insertions include the definition of "increased captured value," which pertains to the anticipated rise in captured value for industrial and commercial personal property linked to specific projects or the expiration of tax exemptions. The bill emphasizes the need for documentation and prior reliance on this increase for financial obligations, while also introducing new definitions for essential services such as "ambulance services," "fire services," and "police services." Additionally, the bill makes several deletions and modifications to existing language to enhance clarity and readability, aiming to provide a clearer framework for municipalities and tax increment finance authorities in managing personal property taxes and financial implications of exemptions.

Furthermore, the bill addresses millage rates for local school districts and intermediate school districts for the calendar years 2018, 2019, and 2020. It allows districts to choose between a specific millage rate approved by voters before January 1, 2015, or the total of all debt millage rates from previous years, depending on their reporting choices. The bill clarifies definitions related to financial impacts of property tax exemptions on school funding, including terms like "school operating loss not reimbursed by the school aid fund" and "small taxpayer exemption loss." It also specifies adjustments for taxable values and losses due to boundary changes and exemptions under the Michigan renaissance zone act. The enactment of this bill is contingent upon the passage of Senate Bill No. 659 of the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 123.1345