The bill amends the Recodified Tax Increment Financing Act (2018 PA 57) by updating definitions and clarifying terms used within the legislation. Key insertions include a more precise definition of "operations," which encompasses various expenses related to the daily management of the authority, and a refined definition of "parcel" as a unit of land treated separately for valuation or zoning purposes. Additionally, the bill introduces a new definition for "water resource improvement," which includes activities aimed at enhancing water quality and natural resources, such as the elimination of aquatic nuisance species and improvements to sewer and stormwater systems.

Furthermore, the bill modifies the definition of "specific local tax" to clarify the calculation of initial and current assessed values of properties subject to such taxes. It also updates the term "tax increment revenues" to specify the types of taxes included and excluded from this category, ensuring that certain taxes, such as those levied for public library purposes or for the payment of obligations approved by electors, are clearly delineated. Overall, these amendments aim to enhance the clarity and effectiveness of the tax increment financing framework in Michigan.

Statutes affected:
Senate Introduced Bill: 125.4703