March 14, 2013, Introduced by Reps. Haines, Kowall, Jacobsen, Price, Townsend, Crawford, McCready, MacMaster, Forlini, Cavanagh, Stallworth, Santana, Singh, Haugh, Hobbs, Lipton, Kesto and Goike and referred to the Committee on Tax Policy.
A bill to amend 2010 PA 250, entitled
"Private investment infrastructure act,"
by amending section 3 (MCL 125.1873).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 3. As used in this act:
(a) "Parcel" means an identifiable unit of land that is
treated as separate for valuation or zoning purposes.
(b) "Public facility" means a street, road, or highway, and
any improvements to a street, road, or highway, including street
furniture and beautification, park, parking facility, recreational
facility, right-of-way, structure, waterway, bridge, lake, pond,
canal, utility line or pipe, water or wastewater facilities, or
building, including access routes designed and dedicated to use by
the public generally, or used by a public agency. Public facility
also includes public-transportation-related infrastructure and
light and commuter rail line projects. A public facility does not
include a tunnel or bridge that includes an international border or
crossing.
(c) "Specific local tax" means a tax levied under 1974 PA 198,
MCL 207.551 to 207.572, the commercial redevelopment act, 1978 PA
255, MCL 207.651 to 207.668, the technology park development act,
1984 PA 385, MCL 207.701 to 207.718, or 1953 PA 189, MCL 211.181 to
211.182. The initial assessed value or current assessed value of
property subject to a specific local tax shall be the quotient of
the specific local tax paid divided by the ad valorem millage rate.
The state tax commission shall prescribe the method for calculating
the initial assessed value and current assessed value of property
for which a specific local tax was paid in lieu of a property tax.
(d) "State fiscal year" means the annual period commencing
October 1 of each year.
(e) "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
negotiated benefit area. Tax increment revenues do not include any
of the following:
(i) Taxes under the state education tax act, 1993 PA 331, MCL
211.901 to 211.906, except that portion of the taxes under the
state education tax act, 1993 PA 331, MCL 211.901 to 211.906, not
to exceed 50% of those taxes as determined by the state treasurer
for a period not to exceed 15 years, as determined by the state
treasurer, if the state treasurer determines that the capture under
this subparagraph is necessary to reduce unemployment, promote
economic growth, and increase capital investment in the
municipality.
(ii) Taxes levied by local or intermediate school districts,
except that portion of taxes levied by local or intermediate school
districts not to exceed 50% of those taxes as determined by the
state treasurer for a period not to exceed 15 years, as determined
by the state treasurer, if the state treasurer determines that the
capture under this subparagraph is necessary to reduce
unemployment, promote economic growth, and increase capital
investment in the municipality.
(iii) Ad valorem property taxes attributable either to a portion
of the captured assessed value shared with taxing jurisdictions
within the jurisdictional area of the administering agency or to a
portion of value of property that may be excluded from captured
assessed value or specific local taxes attributable to the ad
valorem property taxes.
(iv) Ad valorem property taxes excluded by the tax increment
financing plan of the administering agency from the determination
of the amount of tax increment revenues to be transmitted to the
administering agency or specific local taxes attributable to the ad
valorem property taxes.
(v) Ad valorem property taxes exempted from capture under
section 10(5) or specific local taxes attributable to the ad
valorem property taxes.
(vi) Ad valorem property taxes specifically levied for the
payment of principal and interest of obligations approved by the
electors or obligations pledging the unlimited taxing power of the
local governmental unit or specific taxes attributable to those ad
valorem property taxes.
(vii) Ad valorem property taxes levied under 1 or more of the
following or specific local taxes attributable to those ad valorem
property taxes:
(A) The zoological authorities act, 2008 PA 49, MCL 123.1161
to 123.1183.
(B) The art institute authorities act, 2010 PA 296, MCL
123.1201 to 123.1229.