Economic development: local development financing authority; smart zone state capture use; modify. Amends secs. 402, 412a & 412b of 2018 PA 57 (MCL 125.4402 et seq.).

This bill amends definitions within Michigan's Tax Increment Financing Act but does not describe substantive policy changes in the provided text. It revises terms like "alternative energy technology," "certified alternative energy park," and "captured assessed value" used in economic development financing. The context includes definitions but does not specify new mechanisms, affected entities, or concrete policy modifications. Without details on how these definitions will change implementation or outcomes, a policy-focused summary cannot be provided. The bill is currently in committee referral with no further action documented.