Economic development: other; length of time for an exemption; limit. Amends secs. 3, 4, 5, 6, 8c, 8d, 8e, 8f, 8g, 8h, 9 & 10 of 1996 PA 376 (MCL 125.2683 et seq.) & adds sec. 9a. TIE BAR WITH: SB 0631'25

SB 632 amends Michigan's Renaissance Zone Act to modify tax exemption periods for businesses in designated economic development zones and add new qualifying business categories. It directly affects businesses operating in Renaissance zones, particularly those involved in border trade, multimodal shipping (via air, road, rail, or water), manufacturing, and renewable energy. Key provisions include extending exemption durations, creating "qualified eligible Next Michigan businesses" for specific logistics and manufacturing operations, and clarifying definitions for border crossing facilities and forest products processing. The bill aims to streamline economic development incentives while expanding eligibility for tax benefits under the Renaissance Zone program.