The bill amends the Brownfield Redevelopment Financing Act to enhance and clarify definitions related to brownfield redevelopment, including the term "blighted" property, which now encompasses criteria such as being a public nuisance or a fire hazard. It introduces new concepts like "economic opportunity zones" and outlines eligible redevelopment activities, including environmental assessments and infrastructure improvements. The bill also specifies the roles of various authorities in calculating captured taxable value and tax capture revenues, emphasizing the importance of environmental insurance and corrective actions in the redevelopment process.

Additionally, the bill establishes definitions and provisions for "transformational brownfield plans" and "withholding tax capture revenues," requiring that such plans focus on mixed-use development and meet specific capital investment thresholds. It introduces a "safe harbor method" for calculating withholding tax capture revenues, streamlining the process for developers. Significant changes include the adjustment of the definition of "withholding tax capture revenues" to refer to income tax withheld from employees in eligible properties, along with the deletion of outdated references in the income tax act. The enactment of this bill is contingent upon the passage of two related bills in the legislature.

Statutes affected:
House Introduced Bill: 125.2652