MI SB1049

Amends the Transportation Economic Development Fund law to define key terms including "advanced traffic management systems," "qualified county," "rural county," and "transit-oriented facility."

Establishes fund allocation requirements: $5,000,000 annually for forest roads program in qualified counties, $2,500,000 for rural county road improvements, and remaining balance distributed 50% for economic development projects, 25% for urban county congestion reduction, and 25% for rural county road improvements.

Creates appropriations from the fund totaling $4,000,000 for fiscal year 2016 (state trunk line fund and aeronautics fund) and $10,400,000 for fiscal year 2017 (state trunk line fund), reducing targeted industry allocations accordingly.

Requires the State Transportation Commission to notify legislative committees of proposed projects and funding before authorization, with legislative hearings permitted within 30-60 days depending on session status.

Mandates annual reporting to the governor and legislature by December 31 on funded projects, project status, job creation, economic benefits, and effectiveness in achieving the act's objectives.