Bill > SB0558

This bill amends the Michigan Strategic Fund Act to create an aerospace and defense incentive program designed to support military installations and defense-related manufacturing in Michigan. Specifically, the bill empowers the Michigan Strategic Fund, in cooperation with the Office of Defense and Aerospace Innovation, to designate up to 6 aerospace defense zones within 10 miles of a military installation or research university. Businesses in these zones may qualify for tax credits if they are defense contractors, aerospace manufacturers, or defense suppliers with less than $5 million in annual revenue. The fund will develop an application process for businesses to apply for tax credit certification, and must issue certificates to qualified businesses that specify the type and amount of tax credit. The bill also makes several minor technical changes to reporting requirements, such as updating committee names and expanding reporting obligations. Additionally, the bill adds a provision allowing the fund to provide for the designation of certain incentive zones and certify expenses for tax credit purposes. The legislation aims to attract and retain defense and aerospace businesses in Michigan by offering targeted financial incentives.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0558