A bill to amend 2018 PA 540, entitled “Economic development incentive evaluation act,” by amending sections 3, 5, and 7 (MCL 18.1753, 18.1755, and 18.1757), and by adding section 7a.
This bill proposes updates to sections 3, 5, and 7 of the Act, and introduces a new section, 7a, to enhance the definitions and processes associated with economic development incentives. It clarifies the roles of the Department of Technology, Management, and Budget, the Department of Treasury, and the Michigan Strategic Fund in the evaluation process. This includes developing a scope of services for professional evaluations, selecting criteria for contractors to ensure objective analyses, and mandating that evaluations be completed within 270 days of contract initiation, with results provided to the house and senate appropriations committees within 30 days.
Co-sponsored by Sens.
Referred to the Committee on Economic and Community Development
