The bill amends the Economic Development Incentive Evaluation Act by updating definitions and adding a new section focused on the Strategic Outreach and Attraction Reserve (SOAR) programs. Key definitions include "SOAR," which refers to the fund created under the Michigan Trust Fund Act, 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, assessing compliance with repayment provisions and the status of allocated funds. The findings from these audits must be reported to several state departments and legislative committees, ensuring transparency and accountability in the management of SOAR funds. The bill emphasizes the importance of adhering to clawback provisions and the proper allocation of unspent funds, reinforcing the oversight of economic development incentives in Michigan.

Statutes affected:
House Introduced Bill: 18.1753