The Michigan Senate voted overwhelmingly in favor of a statewide tax incentive program that seeks to revitalize blighted areas through large private investment.
The Senate sent the set of bills to Gov. Rick Snyder’s (R) desk for signature after a 32-6 bipartisan vote May 9, 2017.
If signed into law as expected, they would authorize up to $1 billion in income, sales and use tax incentives to large-scale mixed-use redevelopments over the next five years.
“Developers were in a holding pattern—they couldn’t afford to fix someone else’s brownfield,” Sen. Ken Horn (R), the legislation’s sponsor, told Bloomberg BNA. “Now we’re giving them the opportunity to provide this important community service and cleanup.”
The bill attracted supporters from across the state. Over 50 development groups and chambers of commerce have lent support to the legislation.
Photo of Detroit brownfield site via Adobe Stock.