The bill amends the Michigan Strategic Fund Act by updating definitions and adding new provisions regarding economic development projects. It clarifies the meaning of "economic development project" to include various types of facilities and activities, such as theme parks, agricultural production, and renewable energy facilities. Additionally, it specifies that certain endeavors, particularly those related to retail sales and housing, are excluded from this definition. The bill also introduces a new section that prohibits the fund from providing financial assistance to any entity listed on the Uyghur Forced Labor Prevention Act (UFLPA) entity list, ensuring that any agreements made after the bill's enactment include provisions for forfeiture of payments and reimbursement if the entity is added to this list.

Furthermore, the bill mandates that existing agreements must be amended to include similar provisions regarding the UFLPA entity list within 90 days of the bill's effective date. If an agreement is not amended as required, it will be deemed void and unenforceable, and no funds will be disbursed under it. This legislative change aims to ensure that Michigan's economic development efforts are aligned with ethical standards regarding labor practices.

Statutes affected:
House Introduced Bill: 125.2004
As Passed by the House: 125.2004