HB 6577 Summary

• Amends the Michigan Economic Growth Authority Act to prohibit the authority from entering into new written agreements or modifying existing agreements for certain Michigan Business Tax Act credits effective upon this bill's enactment.

• Prohibits modifications to existing agreements that would increase the net credit amount to the authorized business or extend the term to claim credits, though technical changes that reduce net credits are permitted.

• Allows the authority to modify existing agreements for the Business Tax Act credits only when the modification reduces the net amount of credit to the authorized business.

• Requires the fund to determine and publish guidelines for modification and amendment of existing written agreements on its website.

• Takes effect only upon enactment of HB 6574, HB 6575, and HB 6576 of the 99th Legislature.