The bill amends the Michigan Economic Growth Authority Act by updating definitions and adding new provisions to enhance the framework for economic development in the state. Key changes include the clarification of terms such as "affiliated business," "associated business," and "authorized business," with specific emphasis on the ownership and control structures of these entities. Notably, the definition of "associated business" now specifies that it must own at least 5% of an authorized business, and the term "distressed business" has been refined to include specific job retention and reduction criteria. Additionally, the bill introduces a new section (3a) that defines the "bureau" and clarifies the role of the Michigan Strategic Fund in relation to the Economic Development Fair Competition and Free Enterprise Act.

The bill also makes several deletions and modifications to existing language, such as removing references to the Michigan Economic Growth Authority in certain contexts and replacing them with the Michigan Strategic Fund. This reflects a shift in the administrative structure overseeing economic development initiatives. Furthermore, the bill outlines the criteria for what constitutes a "tourism attraction facility" and specifies the conditions under which businesses can qualify for tax credits and incentives, thereby aiming to streamline the process for businesses seeking support while ensuring that the criteria for eligibility are clear and comprehensive.

Statutes affected:
Senate Introduced Bill: 207.803