Economic development: Michigan strategic fund; more jobs for Michigan program; create. Amends secs. 9 & 90j of 1984 PA 270 (MCL 125.2009 & 125.2090j); adds ch. 8F & repeals 2007 PA 36 (MCL 208.1101 - 208.1519) & 1995 PA 24 (MCL 207.801 - 207.810).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill creates the "More Jobs for Michigan" program and amends existing economic development legislation. It aims to attract businesses and jobs to Michigan by offering withholding tax capture revenue payments. The fund will provide incentives to businesses that create or maintain jobs in the state, particularly in designated areas and industries, and it will require reporting on job creation and investment. The bill also updates reporting requirements for the Michigan Strategic Fund, including detailed information on financial assistance programs and their impact.
Key provisions
- Creates the "More Jobs for Michigan" program to provide withholding tax capture revenue payments to businesses.
- Requires the fund to report detailed information on financial assistance programs, including job creation and investment data.
- Establishes criteria for eligible businesses, including location, job creation, and investment levels.
- Updates reporting requirements for the Michigan Strategic Fund, including detailed financial information and audits.
- Adds a chapter (Chapter 8F) to the Michigan Strategic Fund Act to address specific incentives and requirements.
- Requires the fund to maintain records and make them publicly available.
- Establishes a process for reviewing applications and entering into written agreements with businesses.
- Sets limits on the duration of withholding tax capture revenue payments.
Who is affected
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