Good Morning Everyone!
I saw this on Gongwers this morning and thought it might be of some interest .
While this legislation is not specifically pertaining to Libraries, the prospect of more transparency with respect to Tax Capture is a notion that is welcome both to protect Library Funding – and to perhaps create awareness of avenues
for library/DDA partnerships.(?)
Bill To Require Reporting By Tax Capture Authorities Wins Senate Committee OK
Tax capture entities like downtown development authorities would have to report information about their activities to the Department of Treasury and hold regular open informational meetings
under legislation approved Tuesday by a Senate committee.
These entities have come under greater scrutiny in recent years. They have the power to capture growth in tax revenues from within the district since the creation of the specific entity,
siphoning off revenues from the larger city, township, village or county.
The bill, SB
1026
,
would require each municipality that created an authority to establish a webpage with access to the authority's records and budget documents, annual audits, the authority's current contracts, authority staff contact information and the currently adopted tax
increment finance plan, among other information.
The webpage would have to include an explanation for any funds accumulated over five years, a list of authority accomplishments, a list of authority projects and investments and a list
of authority events and promotional campaigns.
The bill also would require the authority to file with Treasury data about its revenue collections, fund balance, expenditures and amount of principal and interest on any outstanding
debt, among other information. Under the bill, Treasury could bar noncomplying authorities from capturing new revenue beyond that needed to make debt payments.
The Economic Development and International Investment Committee reported the bill on a 6-0 vote.Sen.
Jim Stamas (R-Midland) did not vote on the bill.
- See more at: http://www.gongwer.com/programming/news.cfm?article_ID=551850107#sthash.xB0AFzjr.9Q01q67m.dpuf
Michigan Report for Tuesday, September 20, 2016
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Clare
Clare D. Membiela, MLS, J.D.
Library of Michigan
www.michigan.gov/libraryofmichigan
517-335-8132
MembielaC@michigan.gov
Information within this message is for educational and informational purposes only. No information in this message constitutes, nor should be interpreted as, legal advice or opinion.
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