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MI SB0580
Bill
Status
10/31/2013
Primary Sponsor
Thomas Casperson
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AI Summary
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Increases the maximum number of qualified eligible Next Michigan businesses that can be certified statewide from 25 to 35.
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Maintains the limit of 10 qualified eligible Next Michigan businesses per development district.
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Removes provisions allowing applicants to appeal denied certifications to the Michigan Strategic Fund board for reconsideration.
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Extends the duration that qualified eligible Next Michigan businesses can receive renaissance zone benefits from up to 10 years to up to 15 years.
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Allows extension of renaissance zone status for up to 5 additional years if the extension will increase capital investment or job creation with consent from the development corporation and local municipality.
Legislative Description
Economic development; renaissance zones; requirements for certain renaissance zones and certain qualified eligible next Michigan businesses; modify. Amends secs. 6, 8a, 8d, 8h & 15 of 1996 PA 376 (MCL 125.2686 et seq.).
State financing and management, funds
Last Action
Referred To Committee On Commerce
10/31/2013