Economic development: other; the general property tax act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 9f of 1893 PA 206 (MCL 211.9f). TIE BAR WITH: SB 0631'25, SB 0659'25

SB 657 amends Michigan's General Property Tax Act (MCL 211.9f) to remove references to the Michigan Strategic Fund, which is being eliminated. The bill allows eligible local assessing districts and Next Michigan development corporations to grant tax exemptions on new personal property for qualifying businesses in designated areas, such as distressed parcels or economic development zones. For agreements after December 31, 2016, it requires written contracts with businesses including remedies like repayment of exempted taxes if terms are violated. The exemption process now bypasses the Michigan Strategic Fund's approval role, streamlining local tax incentive programs for economic development.