The bill amends the Michigan Strategic Fund Act of 1984 by updating its title and specific sections, including sections 7 and 9, while adding a new section 88v. Key provisions include the designation of certain incentive zones and the certification of tax credits to support military installations. The bill outlines the powers and duties of the Michigan Strategic Fund, which include issuing bonds, making loans, and creating various funds and accounts to facilitate economic development in the state. It also mandates the fund to provide annual reports detailing its activities, including financial assistance provided, job creation statistics, and the status of loans, while ensuring transparency and accountability through required audits.

Additionally, the bill introduces amendments focusing on transparency measures for financial assistance programs, such as reporting actual repayments for non-compliance with clawback provisions and posting detailed information about contracts and loans on its website. It establishes an aerospace defense incentive program to support military installations and defense-related manufacturing, creating aerospace defense zones near military installations or research universities. The program aims to enhance collaboration between the fund, the office of defense and aerospace innovation, and the department of treasury, ensuring businesses in designated zones can access necessary financial incentives.

Statutes affected:
Senate Introduced Bill: 125.2007, 125.2009