Michigan Laws 125.4629 – Tax increment revenues; definition; condition
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Terms Used In Michigan Laws 125.4629
- Authority: means a corridor improvement authority created under section 604(1) or a joint authority created under section 604(2). See Michigan Laws 125.4602
- Development area: means that area described in section 605 to which a development plan is applicable. See Michigan Laws 125.4602
- Development plan: means that information and those requirements for a development area set forth in section 621. See Michigan Laws 125.4602
- Qualified development area: means a development area that meets 1 of the following:
(i) All of the following:
(A) Is located within a city with a population of 700,000 or more. See Michigan Laws 125.4603state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area. See Michigan Laws 125.4603
(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.