Bill > SB0491

This bill amends the Economic Development Incentive Evaluation Act to add new requirements for evaluating economic development incentives, with a specific focus on SOAR (Strategic Outreach and Attraction Reserve) projects. The bill expands the definition of economic development incentives to include additional programs and explicitly defines SOAR projects, which are those funded by the SOAR fund or related to specific economic development programs. The legislation mandates that SOAR projects must undergo mandatory evaluations at three specific milestones: 3 years, 5 years, and 10 years after legislative appropriation, with each project requiring an independent evaluation. The bill also updates the process for how economic development incentives are reviewed, allowing the Department of Technology, Management, and Budget to contract with external evaluators to assess these incentives periodically. The evaluation process aims to provide transparency and accountability for economic development spending, with provisions for publishing evaluation results, allowing responses from affected agencies and entities, and maintaining confidentiality of sensitive financial information. Additionally, the bill modifies existing language about scheduling and reviewing economic development incentives, ensuring that new programs are included and evaluated systematically over time.

Business and Industry

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0491