Michigan SB0491 mandates objective evaluations of economic development incentives, including SOAR projects, by contracted entities.

Michigan SB0491 amends existing law to require economic development incentive evaluations to be conducted objectively by contracted entities. The bill mandates that evaluations for SOAR projects, which are economic development incentives funded by the Strategic Outreach and Attraction Reserve (SOAR) or other specified programs, be completed within 270 days of contract initiation. The Department of Technology, Management, and Budget must develop a multiyear schedule for evaluating all economic development incentives, considering factors such as sunset dates and program inactivity.

Michigan SB0491 mandates objective evaluations of economic development incentives, including SOAR projects, by contracted entities.

Michigan SB0491 amends existing law to require economic development incentive evaluations to be conducted objectively by contracted entities. The bill mandates that evaluations for SOAR projects, which are economic development incentives funded by the Strategic Outreach and Attraction Reserve (SOAR) or other specified programs, be completed within 270 days of contract initiation. The Department of Technology, Management, and Budget must develop a multiyear schedule for evaluating all economic development incentives, considering factors such as sunset dates and program inactivity.