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MI HB4112

Economic development: Michigan economic growth authority; definition of new construction under the Michigan economic growth authority act; modify. Amends sec. 3 of 1995 PA 24 (MCL 207.803). TIE BAR WITH: HB 4111'25


summary

Introduced
02/25/2025
In Committee
02/25/2025
Crossed Over
Passed
Dead

Introduced Session

103rd Legislature

Bill Summary

A bill to amend 1995 PA 24, entitled"Michigan economic growth authority act,"by amending section 3 (MCL 207.803), as amended by 2022 PA 241.

AI Summary

This bill amends the Michigan Economic Growth Authority (MEGA) Act by clarifying and updating definitions related to economic development. The bill primarily modifies the definition of "new construction" to specify that it means property not existing when an authorized business enters an agreement with the authority and does not include replacement construction. The bill also reorganizes some existing definitions, such as moving the definition of "Authority" to a different subsection, but largely maintains the existing definitions of various economic development terms like "eligible business," "qualified new job," and "high-technology activity." The bill ensures that the definition of new construction includes physical additions of equipment or furnishings, subject to specific property tax act provisions. An important tie-bar provision indicates that this bill will only take effect if House Bill 4111 is also enacted into law, suggesting these changes are part of a coordinated legislative effort to update economic development regulations in Michigan. The bill aims to provide clearer guidelines for businesses seeking economic development incentives and tax credits through the Michigan Economic Growth Authority.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Bill Electronically Reproduced 02/25/2025 (on 02/26/2025)

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