Michigan Laws 125.2665b – Reimbursement to intermediate school districts
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 125.2665b
- Authority: means a brownfield redevelopment authority created under this act. See Michigan Laws 125.2652
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of environment, Great Lakes, and energy. See Michigan Laws 125.2652
- Michigan strategic fund: means the Michigan strategic fund created under the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 125.2652
- Tax increment revenues: means the amount of ad valorem property taxes and specific taxes attributable to the application of the levy of all taxing jurisdictions on the captured taxable value of each parcel of eligible property subject to a brownfield plan and personal property located on that property, regardless of whether those taxes began to be levied after the brownfield plan was adopted. See Michigan Laws 125.2652
(1) Beginning January 1, 2021, and each year thereafter, from the state school aid fund this state shall reimburse each intermediate school district for any tax increment revenues captured by an authority under this act for property taxes levied for operating purposes under section 625a, section 681 to 690, or section 1722 to 1729 of the revised school code, 1976 PA 451, MCL 380.625a, 380.681 to 380.690, and 380.1722 to 380.1729.
(2) The amounts reimbursed under subsection (1) shall be used by the intermediate school district only for the purposes for which the property taxes were originally levied.
(3) The Michigan strategic fund and the Michigan economic development corporation shall work with the department of treasury in identifying the amount of tax revenues captured by an authority that are to be reimbursed under subsection (1).