Economic development: other; length of time for an exemption; limit. Amends secs. 3, 4, 5, 6, 8c, 8d, 8e, 8f, 8g, 8h, 9 & 10 of 1996 PA 376 (MCL 125.2683 et seq.) & adds sec. 9a. TIE BAR WITH: SB 0631'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Michigan Renaissance Zone Act to clarify definitions, extend the duration of existing renaissance zones, and create new zones focused on agricultural processing, tool and die manufacturing, renewable energy, and border crossing businesses. It introduces a new section (9a) to allow for the extension of renaissance zone status under specific circumstances, particularly for zones designated before October 1, 2023, and outlines criteria for designating new zones and evaluating their impact on local economies.
Key provisions
- Defines key terms related to renaissance zones, including ‘agricultural processing facility,’ ‘border crossing facility,’ and ‘renewable energy facility.’
- Allows for the extension of renaissance zone status for existing zones under certain conditions, particularly for zones designated before October 1, 2023.
- Establishes criteria for designating new renaissance zones, including geographic boundaries, development plans, and economic impact considerations.
- Creates a new section (9a) to facilitate the extension of renaissance zone status for zones that meet specific criteria.
- Specifies requirements for development agreements between the Michigan Strategic Fund and businesses operating within renaissance zones.
- Addresses the designation of renaissance zones for specific industries, such as agricultural processing and tool and die manufacturing.
- Provides for the designation of renaissance zones in rural areas and contiguous areas to eligible distressed areas.
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