MI SB0676

Amends the Recodified Tax Increment Financing Act to transfer responsibilities from the Michigan Strategic Fund and Michigan Economic Development Corporation to the new Bureau of Fair Competition and Free Enterprise upon enactment of a companion economic development reform act

Adds new definitions for "bureau" throughout the act, specifying that references to the Michigan Strategic Fund or Michigan Economic Development Corporation mean the bureau after the effective date of the economic development fair competition and free enterprise act

Prohibits Next Michigan development corporations from establishing new authorities under section 403(3) after the effective date of the companion act, though existing authorities remain valid

Prohibits designation of new Next Michigan development areas after the effective date of the companion act, while preserving previously designated areas

Transfers governing body authority for Next Michigan development corporation-created authorities to the board of directors of the entity designated as the Next Michigan development corporation, effective upon enactment of the companion legislation