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SB 676

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

2025-2026 Regular Session Introduced by Thomas Albert

Michigan eliminates the Strategic Fund from its Tax Increment Financing statute, restructuring economic development incentive mechanisms for municipalities.

REFERRED TO COMMITTEE ON GOVERNMENT OPERATIONS
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Bill Summary · SB 676

Legislative bill overview

SB 676 amends Michigan's Tax Increment Financing (TIF) Act to remove references to the Michigan Strategic Fund, which is being eliminated. The bill recodifies sections of the 2018 Public Act 57 to reflect this structural change and is tied to companion bill SB 631.

Why is this important

Tax Increment Financing is a major tool Michigan municipalities use to fund economic development projects by capturing future tax revenue growth in designated districts. Eliminating the Michigan Strategic Fund represents a significant shift in how the state structures economic development incentives, potentially affecting how local communities access funding for infrastructure and development projects.

Potential points of contention

  • Replacement mechanism unclear: The bill removes the Strategic Fund reference but doesn't explicitly detail what alternative funding or oversight mechanism replaces it for TIF projects
  • Local government impact: Municipalities relying on state partnership through the Strategic Fund may face uncertainty about future economic development financing availability
  • Accountability structure: Changes to state-level oversight of TIF programs could affect transparency and performance monitoring of economic development projects

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

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