Economic development: other; recodified tax increment financing act; amend to reflect elimination of the Michigan strategic fund. Amends secs. 219, 402, 403, 404, 410, 412, 412a, 412b, 412c & 412e of 2018 PA 57 (MCL 125.4219 et seq.). TIE BAR WITH: SB 0631'25

This bill aims to update Michigan's tax increment financing laws to remove references to the Michigan Strategic Fund, which has been eliminated. It makes several amendments to existing sections of the law to reflect this change. The bill is tied to another piece of legislation, SB 0631'25.

Supporters of the bill would argue that updating the tax increment financing act is a necessary step to streamline economic development processes in Michigan. By eliminating outdated references, the bill could make it easier for local governments to implement financing strategies that promote growth and investment in their communities.

Critics might contend that removing the Michigan Strategic Fund could weaken support for local economic initiatives and reduce funding opportunities for critical projects. They may argue that this change could lead to less effective economic development strategies, potentially harming local economies in the long run.