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

This bill amends Michigan's tax increment financing law to update the definitions of key terms used in development projects. It clarifies what counts as an "advance" or "obligation" for authorities and municipalities, specifically addressing agreements made before 1993 and setting specific dollar limits on how much tax revenue can be used to pay certain older contracts. The changes also refine how property values are calculated and define the roles of various officials involved in these development areas. Ultimately, the legislation aims to provide clearer rules for how local governments and financing authorities manage funds and debts related to economic development initiatives.