Economic development: Michigan strategic fund; aerospace and defense incentive program; create and administer. Amends title & secs. 7 & 9 of 1984 PA 270 (MCL 125.2007 & 125.2009) & adds sec. 88v.

SB 558 creates a new aerospace and defense incentive program under Michigan's Strategic Fund, directly affecting businesses in those sectors. The bill amends existing law to allow the Strategic Fund to certify eligible investments for tax credits and provide financial incentives like grants or loans to support aerospace and defense companies. Key provisions include authorizing the fund to administer this program, certify investments for tax credit purposes, and make targeted financial assistance to eligible businesses. This change modifies the Strategic Fund Act to expand its existing economic development tools specifically for the aerospace and defense industry.