Economic development: tax increment financing; tax increment financing act; amend to include dam repairs and maintenance. Amends sec. 703 of 2018 PA 57 (MCL 125.4703).

This bill updates Michigan's tax increment financing laws to explicitly include dam repairs and maintenance as eligible projects for funding. By amending the definition of "water resource improvement," the legislation allows local authorities to use captured property tax growth to pay for fixing or maintaining dams within their districts. The change directly affects local governments and development authorities that manage waterways and seek to utilize tax increment financing for infrastructure work. No new taxes are created; instead, the bill clarifies which existing maintenance activities qualify for this specific financial tool.