Economic development: Michigan strategic fund; Michigan strategic site readiness program and critical industry program; eliminate. Amends sec. 9 of 1984 PA 270 (MCL 125.2009) & repeals secs. 88s & 88t of 1984 PA 270 (MCL 125.2088s & 125.2088t). TIE BAR WITH: SB 486'25
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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 eliminates the Michigan Strategic Fund, the Michigan Strategic Site Readiness Program, and the Critical Industry Program from state law. It amends existing legislation to require the fund to provide detailed annual reports to the legislature and the public regarding its activities, including financial assistance provided, job creation, and loan status. The bill also mandates audits of the fund’s operations and increased transparency regarding contracts and agreements.
Key provisions
- Requires the Michigan Strategic Fund to submit detailed annual reports to the legislature and the public.
- Mandates audits of the fund’s operations by the Auditor General.
- Eliminates the Michigan Strategic Fund, the Michigan Strategic Site Readiness Program, and the Critical Industry Program.
- Requires the fund to disclose information about contracts, agreements, and loans.
- Includes data on job creation, investment, and revenue generated by funded projects.
- Requires the fund to post information about site visits and compliance guidelines.
- Addresses reporting requirements for specific programs like the Good Jobs for Michigan program and community revitalization incentives.
- Specifies requirements for reporting on activities related to critical industries and site readiness.
Who is affected
- State Legislators
- The Governor
- The Public
Bill text
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Document of record
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- Senate Introduced Bill
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