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. It clarifies the roles of various entities involved in evaluating economic development incentives, including the definition of "contractor" and "department." Additionally, it expands the definition of "economic development incentive" to include various programs and funds managed by the Michigan Strategic Fund, and introduces the term "SOAR project," which refers to incentives funded by SOAR resources.

Furthermore, 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 returned to the strategic fund or the general fund and will evaluate the status of SOAR projects. 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