The bill amends the Michigan Renaissance Zone Act by introducing new definitions and provisions aimed at enhancing economic development opportunities in the state. Key insertions include definitions for "agricultural processing facility," "border crossing facility," and "multimodal commerce," which clarify the types of businesses eligible for renaissance zone benefits. The bill also establishes a "bureau" to assume certain responsibilities from the Michigan Strategic Fund's board of directors and outlines criteria for designating renaissance zones, including geographic boundaries and development plans. Additionally, it allows for the extension of renaissance zone status under specific conditions, particularly for areas demonstrating increased capital investment or job creation, and emphasizes the need for community support in the application process.

Furthermore, the bill modifies the duration of renaissance zone status, stipulating that it cannot exceed 15 years and mandating the revocation of any designation that violates this limit. It also introduces a provision that prohibits the designation, amendment, or extension of renaissance zones after December 31, 2030. The eligibility criteria for tax exemptions are refined, specifying that individuals and businesses are ineligible if they are delinquent on certain taxes or if residential rental properties do not comply with applicable laws. The bill sets limits on the aggregate state and local tax revenue forgone due to exemptions and clarifies that casinos operating within renaissance zones are not eligible for these tax benefits. Overall, the amendments aim to streamline the process and ensure that the benefits of renaissance zones effectively promote economic growth in Michigan.

Statutes affected:
Senate Introduced Bill: 125.2683