MI SB1078

Amends the Michigan Promise Zone Authority Act to establish a $500,000 annual cap on the total amount a promise zone authority may disburse to eligible students in a fiscal year.

Allows promise zone authorities to reduce individual student disbursements on a pro rata basis if necessary to stay within the $500,000 annual limit.

Permits promise zone authorities to revise, establish, or eliminate high school grade point average requirements for students without amending the promise zone development plan or obtaining Department of Treasury approval.

Clarifies that promise zone development plans must describe the proposed promise of financial assistance through enumerated provisions rather than narrative description.

Requires the Department of Treasury to approve or provide written deficiency notice for promise zone development plans and amendments within 60 days, with plans automatically approved if no response is provided within that timeframe.