The bill amends the Economic Development Incentive Evaluation Act 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 contractors to evaluate these incentives, with evaluations for SOAR projects required at three, five, and ten years after funding is appropriated.

Additionally, the bill modifies the evaluation timeline for other economic development incentives, mandating evaluations at least once every six years for those funded with state appropriations of $15 million or less, and at least once every four years for all other incentives. It also emphasizes the importance of objective evaluations and requires the publication of evaluation results on the department's website. The department is tasked with developing a multiyear schedule for evaluations, which will be updated annually to include new programs as determined by the Michigan Strategic Fund.

Statutes affected:
Senate Introduced Bill: 18.1753