February 7, 2017, Introduced by Senators BRANDENBURG, HORN, MACGREGOR, CASPERSON, ZORN, HANSEN, STAMAS, SCHMIDT, GREEN, JONES, KOWALL, HERTEL, WARREN, YOUNG and KNEZEK and referred to the Committee on Economic Development and International Investment.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.713) by adding section 51e.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 51e. In addition to the distribution under sections 51
and 51d, from the revenue collected from the tax levied under
section 51 an amount equal to the construction period tax capture
revenues, withholding tax capture revenues, and income tax capture
revenues attributable to transformational brownfield plans adopted
under the brownfield redevelopment financing act, 1996 PA 381, MCL
125.2651 to 125.2672, shall be deposited each state fiscal year
into the state brownfield redevelopment fund created in section 8a
of the brownfield redevelopment financing act, 1996 PA 381, MCL
125.2658a. As used in this section, "construction period tax
capture revenues", "income tax capture revenues", and "withholding
tax capture revenues" mean those terms as defined in section 2 of
the brownfield redevelopment financing act, 1996 PA 381, MCL
125.2652.