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 that exceed previous employment levels.

Furthermore, the bill makes several deletions and insertions to streamline the language and ensure clarity in the definitions provided. For instance, it removes redundant definitions and consolidates terms related to job classifications and business types. The changes aim to enhance the effectiveness of the Michigan Economic Growth Authority in promoting economic development and job creation within the state. The enactment of this bill is contingent upon the passage of House Bill No. 4111.

Statutes affected:
House Introduced Bill: 207.803