Economic development: brownfield redevelopment authority; definitions of housing property and tax capture revenues and cap on total tax capture revenues; clarify definitions and modify cap. Amends secs. 2, 14a & 16 of 1996 PA 381 (MCL 125.2652 et seq.).

HB 5073 amends Michigan's Brownfield Redevelopment Financing Act (1996 PA 381) to clarify definitions and adjust tax capture mechanisms. It updates the definition of "blighted" property to include land bank properties and tax-reverted municipal land, and specifies how "construction period tax capture revenues" are calculated using reported wages and state income tax rates. The bill modifies the cap on total tax capture revenues generated from redevelopment projects. These changes directly affect local governments creating brownfield authorities, property developers, and municipalities managing contaminated sites, ensuring clearer rules for tax incentives during cleanup and redevelopment.