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SB 634

Economic development: other; 1978 PA 472; amend to reflect elimination of the Michigan strategic fund. Amends sec. 5 of 1978 PA 472 (MCL 4.415).

2025-2026 Regular Session Introduced by Thomas Albert

SB 634 removes references to Michigan's eliminated Strategic Fund from state law, restructuring the state's economic development authority framework.

REFERRED TO COMMITTEE ON GOVERNMENT OPERATIONS
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Bill Summary · SB 634

Legislative bill overview

SB 634 amends the 1978 Public Act 472 to remove references to the Michigan Strategic Fund, which has been eliminated. The bill updates statutory language in MCL 4.415 (Section 5 of the act) to reflect the fund's discontinuation and likely redirects or clarifies economic development authority responsibilities.

Why is this important

The Michigan Strategic Fund was a key economic development mechanism used to attract and retain businesses in the state. Eliminating it signals a shift in Michigan's economic development strategy and may affect how the state allocates resources for business incentives, job creation, and regional development initiatives.

Potential points of contention

  • Loss of economic development tool: Eliminating the fund removes a mechanism for competitive business recruitment; critics may argue this disadvantages Michigan in competing with other states for corporate investment
  • Transition of responsibilities: Unclear where fund obligations, ongoing projects, or economic development functions will be transferred; may create administrative gaps or confusion about which agencies hold authority
  • Impact on existing commitments: Questions about whether existing business incentive agreements backed by the fund will be honored or renegotiated under new structures

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

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