Economic development: tax increment financing; definition of other protected obligation; modify and expand. Amends sec. 301 of 2018 PA 57 (MCL 125.4301).
This bill amends Michigan's tax increment financing law to update the definitions of key terms used in development projects. It clarifies what counts as an "advance" or "obligation" for authorities and municipalities, specifically addressing agreements made before 1993 and setting specific dollar limits on how much tax revenue can be used to pay certain older contracts. The changes also refine how property values are calculated and define the roles of various officials involved in these development areas. Ultimately, the legislation aims to provide clearer rules for how local governments and financing authorities manage funds and debts related to economic development initiatives.
Bill status
passed
3 of 5 stages cleared
Introduction
Oct 2024
Committee Review
Dec 2024
Senate Passage
Dec 2024
House Passage
Governor
Introduced Oct 16, 2024
Last action Dec 13, 2024
Floor votes
How they voted
This bill passed the Senate. No roll call record of that vote is available.
Full legislative history
Actions timeline
Total actions
14
Key actions
2
Committee
4
Dec 13, 2024
House · Referred to committee
referred to Committee on Government Operations
Dec 13, 2024
House · Introduced
received on 12/13/2024
Dec 13, 2024
Senate · Passed
PASSED ROLL CALL # 606 YEAS 21 NAYS 12 EXCUSED 5 NOT VOTING 0
Dec 13, 2024
Senate · Passed
AMENDMENT(S) CONCURRED IN
Dec 13, 2024
Senate · Reported by committee
REPORTED BY COMMITTEE OF THE WHOLE FAVORABLY WITH AMENDMENT(S)
Dec 13, 2024
Senate · Reported by committee
DISCHARGE COMMITTEE APPROVED
Oct 16, 2024
Senate · Referred to committee
REFERRED TO COMMITTEE ON APPROPRIATIONS
Oct 16, 2024
Senate · Introduced
INTRODUCED BY SENATOR SAM SINGH
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Sam Singh
DDemocratic
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