MI SB1208

Authorizes the Michigan Strategic Fund to use the research center fund to provide financial aid to nonprofit research and development enterprises conducting research in present and emerging technology.

Requires aided technologies to serve as a foundation for future job growth or retention, encourage economic stability or diversification, and establish Michigan as a center of excellence in high technology.

Permits financial aid for designing and constructing facilities, acquiring property interests, and providing working capital; limits working capital financing grants to a maximum of 10 years per recipient.

Sets minimum financial aid grant at $2,500,000.00 unless waived by a 2/3 vote of the fund board.

Exempts personal property and real property leased, subleased, or owned by qualifying nonprofit research and development enterprises (those receiving $1,000,000 or more in aid) from general property taxes under the General Property Tax Act, provided the property is used solely for research and development purposes.