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MI SB0632

Bill

Official Source

Status

Introduced

10/30/2025

Primary Sponsor

Thomas Albert

Click for details

Origin

Senate

103rd Legislature

AI Summary

  • Caps the maximum duration of renaissance zone status at 15 years, including any extensions, and requires the bureau to revoke designations that violate this limit
  • Establishes a $50 million cap on aggregate state and local tax revenue forgone for businesses and property owners in renaissance zones (individuals remain capped at $10 million)
  • Prohibits new renaissance zone designations, amendments, or extensions after December 31, 2030
  • Transfers oversight authority from the Michigan Strategic Fund board to a new Bureau of Fair Competition and Free Enterprise once the related "economic development fair competition and free enterprise act" takes effect
  • Preserves existing written agreements and contractual obligations in effect at the time the new law takes effect, allowing those tax incentives to remain in full force

Legislative Description

Economic development: other; length of time for an exemption; limit. Amends secs. 3, 4, 5, 6, 8c, 8d, 8e, 8f, 8g, 8h, 9 & 10 of 1996 PA 376 (MCL 125.2683 et seq.) & adds sec. 9a. TIE BAR WITH: SB 0631'25

Economic development: other

Last Action

Referred To Committee On Government Operations

10/30/2025

Committee Referrals

Government Operations10/30/2025

Full Bill Text

No bill text available