MI SB0539

Authorizes governing bodies of eligible entities to establish promise zones by resolution and public hearing to provide financial assistance for postsecondary education access.

Limits the Department of Treasury to certifying no more than 10 governing bodies as eligible to establish promise zones, with applications reviewed on a first-come, first-served basis.

Allows non-eligible entities (cities, townships, counties, school districts) to create promise zones without capturing state education tax revenue.

Establishes promise zone authority boards consisting of 11 members (9 locally appointed, 1 by senate majority leader, 1 by house speaker) with requirements for development plans detailing financial assistance amounts and eligibility criteria.

Permits state capture of one-half of incremental state education tax growth in promise zones to fund the financial assistance program, with captured revenue deposited in a restricted fund and distributed to authorities making annual payments.