Bills that would prohibit TIF districts from capturing tax revenue off the Detroit Zoo and DIA millages passed out of the House Tax Policy Committee unanimously today. HB 4458-4464 prohibit a TIF district from keeping tax increment revenues from ad valorem property taxes levied under the Zoological Authorities Act and the Art Institute Authorities Act. This language is added into the following acts:
- Tax Increment Financing Authority Act
- Downtown Development Authority Act
- Brownfield Redevelopment Financing Act
- Local Development Financing Act
- Corridor Improvement Authority Act
- Nonprofit Street Railway Act
- Private Investment Infrastructure Act.
Nikki Brown is a legislative associate for the League handling economic development and land use issues. She can be reached at [email protected] or 517-908-0305.