Bill > SB0632

This bill amends the Michigan Renaissance Zone Act to modify various provisions related to the creation, management, and tax incentives associated with renaissance zones, which are designated geographic areas designed to promote economic development. The key provisions include establishing a 15-year maximum duration for renaissance zone status, limiting new zone designations to December 31, 2030, and creating a new Bureau of Fair Competition and Free Enterprise to oversee renaissance zone administration. The bill modifies rules for different types of renaissance zones, including those for agricultural processing facilities, border crossing facilities, renewable energy facilities, forest products processing facilities, and next Michigan development districts. It also maintains existing tax exemptions and credits for businesses and residents within renaissance zones, with some limitations, such as aggregate tax revenue forgone caps and restrictions on businesses with tax delinquencies. The bill ensures that existing contractual obligations and tax incentives remain in force, providing continuity for current renaissance zone participants while introducing more stringent oversight and time limitations for future zone designations.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0632