Economic development: Michigan strategic fund; community investment tax credit program; create. Amends 1984 PA 270 (MCL 125.2001 - 125.2094) by adding sec. 88u.

This bill creates a new Michigan Community Investment Tax Credit Program designed to help distressed areas and low-income neighborhoods by encouraging donations to local nonprofit organizations. Under the program, place-based nonprofits that focus on specific communities can apply for approval to receive tax credits, which they then issue to donors who contribute at least $500 to support their community development projects. The state fund will manage this process, with a total annual limit of $25 million in tax credits and individual allocations capped between $50,000 and $150,000 for up to three consecutive years. To qualify, the nonprofit must demonstrate that its leadership includes meaningful representation from the economically disadvantaged residents it serves. The bill also requires the fund to publish application guidelines and a list of approved organizations on its website to ensure transparency.