The bill amends the Economic Development Incentive Evaluation Act by updating definitions and adding new provisions related to the Strategic Outreach and Attraction Reserve (SOAR) programs. Key definitions include "SOAR," which refers to the strategic outreach and attraction reserve fund, and "SOAR project," which encompasses economic development incentives funded by SOAR. The bill also clarifies the role of the Michigan Strategic Fund and outlines the types of economic development incentives that fall under its purview, including various tax acts and programs.

Additionally, the bill mandates that the auditor general conduct annual audits of SOAR program disbursements, ensuring compliance with repayment provisions and the proper allocation of funds. The audit will assess whether funds need to be repaid, whether unspent funds revert to the general fund, and whether projects are on hold. The findings from these audits must be reported to relevant state departments and published online, reinforcing accountability in the management of economic development incentives.

Statutes affected:
House Introduced Bill: 18.1753