The bill amends the Economic Development Incentive Evaluation Act (2018 PA 540) by updating definitions and procedural requirements related to the evaluation of economic development incentives in Michigan. Key changes include the introduction of new definitions for "contractor" and "bureau," which replace the previous references to the "Michigan strategic fund." The bill specifies that the department will contract with one or more contractors to conduct periodic evaluations of economic development incentives, with evaluations required at least once every six years for certain incentives and at least once every four years for others.

Additionally, the bill mandates that evaluations must be completed within 270 days of contracting and requires the department to provide the results to the appropriations committees within 30 days of completion. It also emphasizes the confidentiality of financial and commercial information obtained during evaluations, stating that such data is not subject to the Freedom of Information Act. The department is tasked with developing a multiyear schedule for evaluations, which will be updated annually and will include all economic development incentives, including those that are exclusive to specific entities or projects.

Statutes affected:
Senate Introduced Bill: 18.1753