Economic development: tax increment financing; tax capture districts; exempt certain special millages.

HB 6040 amends the Michigan Recodified Tax Increment Financing Act to update definitions and clarify rules for local economic development projects. The bill specifically modifies how authorities calculate "captured assessed value" and defines new terms like "catalyst development project" for municipalities with populations over 600,000. These changes aim to streamline the administrative processes for downtown development authorities and ensure consistent application of tax capture districts across different types of municipalities.