Economic development: other; Michigan economic growth authority act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 3 of 1995 PA 24 (MCL 207.803) & adds sec. 3a. 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 modifies the Michigan Economic Growth Authority Act to eliminate the Michigan Strategic Fund and create a new authority, the ‘Bureau.’ It defines key terms related to economic development, such as ‘affiliated business,’ ‘authorized business,’ ‘distressed business,’ and ‘qualified high-technology business.’ The bill also establishes criteria for determining a ‘tourism attraction facility’ and ‘rural business.’ It is tied to the enactment of Senate Bill 631, which addresses fair competition and free enterprise.
Key provisions
- Eliminates the Michigan Strategic Fund and establishes a new ‘Bureau’ as the economic development authority.
- Defines key terms related to economic development, including ‘authorized business,’ ‘distressed business,’ and ‘qualified high-technology business.’
- Establishes criteria for determining a ‘tourism attraction facility.’
- Defines a ‘rural business’ as located in a county with a population of 90,000 or less.
- Creates a ‘written agreement’ process for businesses seeking tax credits.
- Specifies requirements for ‘qualified new jobs’ and ‘retained jobs.’
- Clarifies definitions related to ‘multimodal commerce’ and ‘new capital investment.’
- Establishes a tie-bar with Senate Bill 631, requiring both bills to be enacted for the amendment to take effect.
Who is affected
- Businesses seeking tax credits or economic development assistance.
Bill text
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