The bill amends the Michigan Economic Growth Authority Act by updating definitions and criteria related to various types of businesses and job classifications. Notably, it introduces new definitions for "affiliated business" and "associated business," specifying ownership and control requirements. The bill also clarifies the definition of "distressed business," which must meet specific job retention and reduction criteria, and expands the definition of "eligible business" to include those engaged in high-technology activities and multimodal commerce. Additionally, it modifies the definition of "qualified new job" to include jobs created by authorized businesses and distressed businesses, emphasizing the need for job creation beyond previously maintained levels.

Furthermore, the bill makes several deletions and insertions to streamline the language and improve clarity. For instance, it removes redundant definitions and consolidates terms related to the authority's operations. The amendments also specify that the act will not take effect unless House Bill No. 4111 is enacted, indicating a coordinated legislative effort. Overall, the bill aims to enhance the framework for economic growth and job creation in Michigan by refining the criteria for business eligibility and job classifications.

Statutes affected:
House Introduced Bill: 207.803