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Legislation watch
2013 House Bill 4327: Allow "tax increment finance" scheme reset to make up for property value declines
Public Act 232 of 2013
Introduced by Rep. Jeff Farrington R-Utica on February 26, 2013
To allow “corridor improvement authorities” to “reset” their tax increment financing schemes (TIF) to reflect declining property assessments, which undermine their ability to divert property tax revenue from local governments and other taxing units to pay for the authority’s debt-funded spending projects and subsidies. A TIF "captures" the extra local property tax revenue that supposedly will result from these projects; this revenue is then used to repay money borrowed to fund that spending. The bill allows these authorities to change the base year from which future tax revenue increases ("increments") are measured. Official Text and Analysis.
Referred to the House Commerce Committee on February 26, 2013
Reported in the House on October 9, 2013
Without amendment and with the recommendation that the bill pass.
Received in the Senate on October 24, 2013
Referred to the Senate Environment, Energy and Technology Committee on October 24, 2013
Referred to the Senate Economic Development Committee on October 29, 2013
Reported in the Senate on December 4, 2013
With the recommendation that the bill pass.
Signed by Gov. Rick Snyder on December 21, 2013