Economic development: other; economic development incentive evaluation act; amend to reflect elimination of the Michigan strategic fund. Amends secs. 3, 5 & 7 of 2018 PA 540 (MCL 18.1753 et seq.). TIE BAR WITH: SB 0631'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill eliminates the Michigan Strategic Fund and directs the Department of Technology, Management, and Budget to periodically evaluate economic development incentives offered by the state. It mandates that the department contract with a contractor to conduct these evaluations, following specific timelines and criteria. The evaluations will be published on the department’s website and shared with relevant agencies and recipients of the incentives. The bill is tied to the passage of Senate Bill 631.
Key provisions
- Eliminates the Michigan Strategic Fund.
- Requires periodic evaluations of economic development incentives by a contracted party.
- Establishes a schedule for evaluations based on funding levels and program activity.
- Specifies evaluation timelines and reporting requirements.
- Outlines data protection measures for sensitive information.
- Requires publication of evaluation results and contractor information.
- Mandates notification to relevant agencies and incentive recipients before publication.
- Links the bill's effectiveness to the enactment of Senate Bill 631.
Who is affected
- State agencies
- Businesses receiving economic development incentives
- The Department of Technology, Management, and Budget
- The Michigan Strategic Fund (eliminated)
- The Michigan Economic Development Corporation
Notable changes
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- Senate Introduced Bill
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