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 of 381 (MCL 125.2652 et seq.).

This bill amends Michigan's Brownfield Redevelopment Financing Act to update definitions and clarify how tax revenues are captured and capped for redevelopment projects. It specifically expands the definition of "blighted" property to include sites with buried demolition debris and those owned by land banks, while also refining how "captured taxable value" is calculated. The legislation further details the process for determining "construction period tax capture revenues" based on wages paid to workers during a project's development phase. These changes aim to provide clearer guidance for local authorities and developers on how to utilize tax incentives for cleaning up and redeveloping contaminated or underused properties.