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MI SB0660
Bill
Status
10/30/2025
Primary Sponsor
Roger Victory
Click for details
AI Summary
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Requires economic development corporations to report annually to the bureau of fair competition and free enterprise instead of the Michigan Economic Development Corporation
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Maintains that revenue bonds and notes issued by economic development corporations are exempt from all state taxation except inheritance and transfer taxes
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Clarifies that municipalities are not liable for notes or bonds issued by economic development corporations, and these obligations are not considered municipal debt
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Requires corporations to publish annual statements of revenues and expenditures in local newspapers within 120 days of their operating year's conclusion
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Takes effect only if Senate Bill No. 631 of the 103rd Legislature (which eliminates the Michigan Strategic Fund) is enacted into law
Legislative Description
Economic development: other; economic development corporations act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 23 of 1974 PA 338 (MCL 125.1623). TIE BAR WITH: SB 0631'25
Economic development: other
Last Action
Referred To Committee On Government Operations
10/30/2025