Economic development: tax increment financing; definition of other protected obligation; modify and expand. Amends sec. 301 of 2018 PA 57 (MCL 125.4301).

Updated definitions for 'Assessed value' to distinguish between pre-1995 and post-1994 valuation methods, and added new definitions for 'Municipality' (limited to cities) and 'State fiscal year'.

Modified 'Public facility' definition to include transit-oriented development and transit-oriented facilities, and expanded 'Tax increment revenues' to include state education tax act revenues under certain conditions.

Added new funding limits for tax increment revenues for taxes levied after June 30, 2006 through 2007, and removed the $0.00 limit for taxes levied after June 30, 2015.

Added new categories of 'Other protected obligation' including obligations for projects in municipalities with populations between 111,000 and 114,000, and extended lease agreements for public facilities.

Added requirements for determining initial assessed value to include property with specific local taxes paid in lieu of property taxes, and clarified calculation methods.