SB 1166 Summary

• Amends the Michigan Renaissance Zone Act to allow the Michigan Strategic Fund Board to designate "Next Michigan Renaissance Zones" within development districts for eligible businesses seeking tax incentives.

• Establishes limits on zone designations: up to 12 zones per district without eligible urban entities (one per local governmental unit plus one per county), and maximum 12 zones per district with eligible urban entities, with aggregate territory not exceeding 1,675 acres.

• Requires at least 1 Next Michigan Renaissance Zone be designated in a city with population between 11,500-12,900 located in a county with population between 36,900-38,000 according to the most recent decennial census.

• Limits the board to certifying maximum 25 eligible businesses statewide and 10 per development district as qualified eligible Next Michigan businesses entitled to tax exemptions and credits.

• Sets renaissance zone duration at 5-10 years initially, extendable up to 15 years total for qualified businesses, with requirements for written agreements addressing compliance conditions and provisions for revocation or repayment of tax benefits for violations or relocation outside the district.