The bill amends the Economic Development Incentive Evaluation Act of 2018 by updating definitions and evaluation requirements for economic development incentives in Michigan. Key changes include the introduction of new terms such as "SOAR" (Strategic Outreach and Attraction Reserve Fund) and "SOAR project," which refers to economic development incentives funded by this reserve. The bill specifies that the Department of Technology, Management, and Budget will contract with one or more entities to evaluate these incentives, ensuring that evaluations are conducted objectively and published on the department's website.

Additionally, the bill establishes a new section (7a) that mandates specific evaluation timelines for SOAR projects, requiring evaluations to be published three, five, and ten years after funds are appropriated. The department is also tasked with developing a multiyear schedule for evaluating all economic development incentives, which must be updated annually and include new programs as determined by the Michigan Strategic Fund. The bill emphasizes the importance of transparency and accountability in the evaluation process, ensuring that stakeholders are informed and can respond to evaluations.

Statutes affected:
Senate Introduced Bill: 18.1753