Sec. 629.
(1) Subject to the requirements of subsection (2), within 60 days after a development plan for a qualified development area has been approved under section 618, upon written request from the authority, the Michigan economic growth authority under the Michigan economic growth authority act, 1995 PA 24, MCL 207.801 to 207.810, may include the following within the definition of tax increment revenues under section 3(g):
(a) Taxes under the state education tax act, 1933 PA 331, MCL 211.901 to 211.906.
(b) Taxes levied by local or intermediate school districts under the revised school code, 1976 PA 451, MCL 380.1 to 380.1852.
(2) The Michigan economic growth authority may only allow inclusion of the taxes described in subsection (1) in the definition of tax increment revenues if the Michigan economic growth authority under the Michigan economic growth authority act, 1995 PA 24, MCL 207.801 to 207.810, determines that the inclusion is necessary to reduce unemployment, promote economic growth, and increase capital investment in a qualified development area.
History: 2018, Act 57, Eff. Jan. 1, 2019
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 57 of 2018 - Recodified Tax Increment Financing Act (125.4101 - 125.4915)
57-2018-6 - Part 6 Corridor Improvement Authorities (125.4602...125.4629)
Section 125.4602 - Definitions; a to M.
Section 125.4603 - Definitions.
Section 125.4604 - Multiple Authorities; Establishment; Public Body Corporate; Powers.
Section 125.4605 - Development Area; Establishment in Municipality; Exception; Criteria; Compliance.
Section 125.4607 - Annexation or Consolidation; Effect.
Section 125.4610 - Retirement and Insurance Programs.
Section 125.4611 - Board; Powers.
Section 125.4612 - Authority as Instrument of Political Subdivision.
Section 125.4613 - Acquisition of Private Property; Transfer to Authority; Use.
Section 125.4614 - Financing Sources; Disposition.
Section 125.4615 - Special Assessment; Levy; Borrowing Money and Issuing Notes.
Section 125.4616 - Revenue Bonds.
Section 125.4617 - Acquisition or Construction of Property; Financing; Bonds or Notes.
Section 125.4618 - Tax Increment Financing Plan.
Section 125.4619 - Tax Increment Revenues; Transmission; Expenditures; Use.
Section 125.4621 - Development Plan; Preparation; Contents.
Section 125.4623 - Approval, Rejection, or Approval With Modification; Considerations.
Section 125.4624 - Notice to Vacate.
Section 125.4626 - Preservation of Historical Sites.
Section 125.4627 - Dissolution.
Section 125.4629 - Tax Increment Revenues; Definition; Condition.