Senate Bill 364 Summary

• Amends the Michigan Economic Growth Authority Act to revise the definition of "high-technology activity" to include advanced vehicles technology (electric, hybrid, and alternative fuel vehicles), digital media production, and music production.

• Modifies job retention thresholds in subsection (5)(b)(ii) by reducing the retained jobs requirement from 150 to 100 jobs and the statewide full-time jobs requirement from 1,000 to 750 jobs for eligible businesses seeking tax credits.

• Adds repayment provisions effective April 28, 2008, requiring eligible businesses to repay tax credits if they relocate full-time jobs outside Michigan during or after the agreement term.

• Clarifies that authorized businesses can meet job creation and retention requirements through associated businesses, subsidiary businesses, affiliated businesses, and employee leasing companies with contractual service agreements.

• Establishes new eligibility pathways for retail establishments and historic property occupancy beginning January 1, 2008, allowing businesses creating or retaining at least 15 jobs in downtown historic resources to qualify for tax credits.