Bill
SB 199
AN ACT FOR THE DEPARTMENT OF AGRICULTURE REAPPROPRIATION.
Senate Bill 199 extends Lansing's tax increment financing by 20 years, enabling investment in infrastructure and housing to boost local economic growth and revitalization.
Bill
SB 199
Senate Bill 199 extends Lansing's tax increment financing by 20 years, enabling investment in infrastructure and housing to boost local economic growth and revitalization.
Senate Bill 199, introduced by Senator Sam Singh on October 21, 2024, aims to amend the Tax Increment Financing Act (2018 PA 57) to extend tax increment financing (TIF) for the City of Lansing by an additional 20 years, from 2039 to 2059. The bill is currently referred to the Committee on Economic Competitiveness.
The primary purpose of SB 199 is to support economic development in Lansing by extending the TIF authority, which allows the city to capture and utilize incremental tax revenue generated from property value increases within designated development areas. This revenue is earmarked for financing eligible development projects that can stimulate growth and revitalization in the downtown area.
The bill is expected to have a negative but indeterminate fiscal impact on state and local revenues. The exact amount of revenue reduction is uncertain and will depend on future property taxable values in the Lansing area. The revenue that would otherwise contribute to the State, including the School Aid Fund, and local governmental units will be reduced from 2039 through 2059 due to the extended TIF.
Senate Bill 199 represents a significant legislative effort to enhance economic development in Lansing through the extension and expansion of tax increment financing. By enabling the city to capture additional tax revenues for a longer period, the bill aims to facilitate various development projects that can revitalize the downtown area and support local economic growth.
Compiled from official sources — confirm details with the bill’s official record.
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