The bill amends the Brownfield Redevelopment Financing Act by updating several sections and introducing new ones, specifically clarifying key definitions such as "blighted," "eligible activities," and "income qualified household." It expands the criteria for blighted properties to include those declared public nuisances or dangerous, and introduces "transformational brownfield plans" that allow for tax capture revenues from income taxes generated by construction activities on eligible properties. The bill also outlines eligible activities for redevelopment, which now encompass environmental assessments, infrastructure improvements, and housing development aimed at supporting income-qualified households.

Additionally, the bill establishes a "safe harbor" method for calculating income tax capture revenues, allowing developers to opt for a predetermined amount when their plans are approved. It mandates that property owners provide specific information to the Department of Treasury annually and introduces new limits on total annual tax capture, increasing the cap from $80 million to $160 million. The Michigan Strategic Fund is tasked with ensuring that plans include significant equity contributions and undergo independent analyses for larger projects. Furthermore, the bill emphasizes transparency by requiring a searchable database of approved plans and mandates that meetings regarding approvals be livestreamed, aiming to enhance accountability in the management of brownfield redevelopment projects in Michigan.

Statutes affected:
Substitute (S-1): 125.2652
Substitute (S-6): 125.2652
Senate Introduced Bill: 125.2652
As Passed by the Senate: 125.2652