MI HB5552

Increases the maximum number of governing bodies that can establish promise zones from 10 to 15 under the Michigan Promise Zone Authority Act.

Requires governing bodies to hold a public hearing with notice published twice in local newspapers at least 20-40 days before the hearing and posted in at least 20 public places at least 20 days before the hearing.

Changes the timeline requirement from "not less than 30 days" to "at least 30 days" after a public hearing before submitting an application to the Department of Treasury for approval to establish a promise zone.

Allows local school districts within an eligible entity to elect not to participate in a promise zone by resolution within 90 days, provided they establish a separate promise zone; the Department of Treasury may include non-participating districts in the entity's promise zone if not established within a reasonable period.

Permits the Department of Treasury to release a certification slot when a governing body dissolves a promise zone, allowing that slot to become available for other applicants on a first-come, first-served basis.