RENAISSANCE ZONES                                                         S.B. 674 (S-1): FLOOR ANALYSIS

Senate Bill 674 (Substitute S-1 as reported by the Committee of the Whole) Sponsor: Senator John J. H. Schwarz, M.D.

Committee: Local, Urban and State Affairs

CONTENT

The bill would amend the Tax Increment Finance Authority Act to require that the Legislature appropriate to local development authorities the amount of tax increment revenues that an authority would have received if property taxes had been levied on property in an authority’s jurisdiction that was exempt from taxation pursuant to the Michigan Renaissance Zone Act (proposed by Senate Bill 668) based on the property’s taxable value at the time the zone was designated.

MCL 125.1812a                                                                                 Legislative Analyst: L. Arasim

FISCAL IMPACT

Please see FISCAL IMPACT for Senate Bill 668.

Date Completed: 1-24-96                                                                        Fiscal Analyst: J. Wortley

floor\sb674

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.