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SB 631

Economic development: Michigan strategic fund; Michigan strategic fund; eliminate, and create the economic development fair competition and free enterprise act. Creates new act & repeals (See bill).

2025-2026 Regular Session Introduced by Thomas Albert and 4 co-sponsors

SB 631 eliminates Michigan's Strategic Fund and replaces it with a new free-enterprise-oriented economic development system, fundamentally restructuring state business incentive programs.

REFERRED TO COMMITTEE ON GOVERNMENT OPERATIONS
#economicdevelopment:michiganstrategicfund
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Bill Summary · SB 631

Legislative bill overview

SB 631 would eliminate the Michigan Strategic Fund (MSF), a long-standing economic development financing mechanism, and replace it with a new "Economic Development Fair Competition and Free Enterprise Act." The bill represents a significant restructuring of how Michigan approaches state-level economic development incentives and business financing.

Why is this important

The Michigan Strategic Fund has been a primary tool for state economic development for decades, providing loans and investments to businesses. Eliminating it and replacing it with new legislation could fundamentally change which businesses receive state support, how those decisions are made, and the overall philosophy governing state economic development spending—affecting job creation strategies and business investment across Michigan.

Potential points of contention

  • Loss of established mechanisms: Repealing the MSF eliminates a proven system with existing portfolio and procedures, creating uncertainty about transition of ongoing projects and commitments
  • Ideology vs. pragmatism: The "fair competition and free enterprise" framing suggests opposition to targeted incentives, but many argue strategic state investment is necessary to compete with other states for major employers
  • Details matter: The bill text doesn't specify what the replacement act contains, making it impossible to assess whether the new framework would be more or less effective at economic development

Compiled from official sources — confirm details with the bill’s official record.

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