The bill amends the Michigan Strategic Fund Act by updating definitions and adding new provisions regarding economic development projects. Key changes include a more detailed definition of "economic development project," which now explicitly includes various types of facilities and activities, such as theme parks, agricultural production, and renewable energy facilities. Additionally, the bill clarifies that certain retail sales and housing activities are excluded from this definition. The bill also introduces a new section (7c) that prohibits the fund from providing financial assistance to any person listed on the UFLPA entity list, which pertains to entities associated with forced labor.

Furthermore, the bill mandates that any written agreements executed or amended after the effective date must include provisions for forfeiture of payments and reimbursement to the fund if the party is added to the UFLPA entity list. Existing agreements must be amended within 90 days to include similar provisions, or they will be deemed void and unenforceable. This legislative change aims to ensure that the Michigan Strategic Fund does not support entities involved in unethical labor practices, thereby reinforcing the state's commitment to ethical economic development.

Statutes affected:
Senate Introduced Bill: 125.2004