The bill amends the Michigan Strategic Fund Act of 1984 by updating its title and specific sections, including sections 7 and 9, while introducing a new section 88v. It designates certain incentive zones and establishes a certification process for tax credits to support military installations, aimed at enhancing economic development in Michigan. The bill outlines the powers and duties of the Michigan Strategic Fund, allowing it to issue bonds, make loans, and create various funds to facilitate economic growth. Additionally, it mandates annual reports detailing the fund's activities, including financial assistance, job creation statistics, and the impact of its operations on economic development.

Moreover, the bill emphasizes transparency and accountability by requiring the fund to include specific information in its reports, such as repayments for non-compliance with clawback provisions and details of loans made under certain sections. It also establishes an aerospace defense incentive program to support military installations and defense-related manufacturing, creating aerospace defense zones with a certification process for qualifying businesses. The program will be implemented by authorized employees of the fund, with a limit of six designated aerospace defense zones located within 10 miles of military installations or research universities.

Statutes affected:
Senate Introduced Bill: 125.2007, 125.2009