Economic development: Michigan strategic fund; aerospace and defense incentive program; create and administer. Amends title & secs. 7 & 9 of 1984 PA 270 (MCL 125.2007 & 125.2009) & adds sec. 88v.
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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 and administers the Michigan Strategic Fund, a new entity designed to support economic development in Michigan, particularly in the aerospace and defense sectors. It expands the existing Michigan Strategic Fund Act by adding a new section (88v) focused on an aerospace defense incentive program. The fund will have broad powers to invest in projects, issue bonds, and provide grants and loans, with a specific aim of preserving and enhancing military installations and defense-related manufacturing within the state. The bill also outlines reporting requirements for the fund’s activities.
Key provisions
- Creates the Michigan Strategic Fund with powers to invest in projects and provide financial assistance.
- Establishes an aerospace defense incentive program to support military installations and defense-related industries.
- Allows the fund to issue bonds and notes to finance projects.
- Designates aerospace defense zones near military installations and universities.
- Certifies certain expenses as tax credits for businesses in these zones.
- Requires the fund to report annually on its activities, including job creation and investment data.
- Establishes a job training fund and a brownfield historic investment program.
- Creates a critical industry program and a Michigan strategic site readiness program.
Who is affected
- Businesses in the aerospace and defense industries
- Military installations and communities near them
Bill text
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- Senate Introduced Bill
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