A package of bills that would authorize companies leading brownfield redevelopment projects to collect taxes on the development's revenue was approved by a Michigan House committee Wednesday.

The Senate approved the bills in February after the Dan Gilbert-backed proposal died in the House last December.

In a series of votes, the House Tax Policy Committee voted 10-3 to send the package to the House floor. The tax increment financing policy is expected to generate $5 billion in new developments on costly brownfield sites that supporters argue would not happen without the subsidy.

All subsidies would have to be approved by local and state governments.

If the expected revenue is generated, companies would be allowed to capture state sales and income taxes from on-site construction activity, and up to 50 percent of the state income taxes generated from new jobs within the completed development for up to 20 years. If the expected revenue is not met, the developer will lose out on the tax break, the release said.

The legislation is being led by MIthrive Coalition, a group of more than 60 chambers of commerce, cities and economic development leaders across the state.

"This legislation is so crucial to Michigan's future and offers a way to revitalize the toughest brownfield properties left in our communities," spokesman Dan Austin said in the release. "We have always been committed to fiscal responsibility, accountability and ensuring this tool works for communities of all sizes."

Several projects in Detroit likely would benefit from such an incentive. Detroit real estate developer Dan Gilbert and his team were among the leading architects of the bills last year, before they failed to advance at the end of the legislative term.

Since then, changes to the bills were made to take the focus of the campaign from Detroit to other Michigan cities, in part to convince outstate lawmakers and their constituents to support the incentive.

The full House is expected to vote on the package in the coming weeks.