This bill establishes the Bureau of Fair Competition and Free Enterprise within the Department of Labor and Economic Opportunity, appointing a director to oversee its operations. It aims to enhance economic development in Michigan by abolishing the Michigan Strategic Fund and the Michigan Economic Development Corporation, transferring their powers, duties, and properties to the newly created bureau. The bill emphasizes the need for fair competition and free enterprise in job creation and economic growth, asserting that previous programs under the repealed laws have been ineffective. Additionally, it includes provisions for the withdrawal of the Michigan Strategic Fund from the interlocal agreement that formed the Michigan Economic Development Corporation, effectively terminating that agreement.

The legislation mandates the bureau to report annually on its activities, detailing economic incentives provided and their outcomes, and creates an Office of Chief Compliance Officer within the bureau to ensure adherence to ethical standards and compliance with laws. It also terminates the next Michigan development corporation established under the former 2010 PA 275, with any previously granted incentives now managed by the respective local governments where the eligible businesses are located. Several existing acts related to the Michigan Strategic Fund and economic development are repealed, indicating a broader context of legislative adjustments aimed at streamlining the administration of business incentives and clarifying local government responsibilities.