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

SB 676 updates Michigan's tax increment financing (TIF) law by removing all references to the "Michigan Strategic Fund" and redirecting related approval authority to the "Bureau of Fair Competition and Free Enterprise." This change affects local governments and development authorities that use TIF programs to fund economic development projects. The bill makes technical amendments to specific sections of the TIF law (including those governing plan approvals and catalyst project modifications) without altering how TIF programs operate or create new funding mechanisms.