Bill > SB0676

This bill amends the Recodified Tax Increment Financing Act to reflect changes related to the elimination of the Michigan Strategic Fund, primarily by updating references and terminology throughout the law. The bill introduces a new "bureau of fair competition and free enterprise" which will replace certain functions previously performed by the Michigan Strategic Fund and Michigan Economic Development Corporation. Key provisions include modifications to how authorities can be established, how tax increment financing plans are approved, and how certain economic development areas like certified technology parks and alternative energy parks are designated. The bill changes numerous technical definitions and references, such as replacing instances of "shall" with "must" and updating cross-references to reflect the new organizational structure. Importantly, the bill ensures that existing development areas and agreements remain valid under the new framework, providing continuity for ongoing economic development projects. The bill is tied to the passage of Senate Bill 631, meaning it will only take effect if that companion bill is also enacted into law.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0676