Economic development: Michigan strategic fund; Michigan strategic fund; eliminate, and create the economic development fair competition and free enterprise act. Creates new act & repeals (See bill).
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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 and the Michigan Economic Development Corporation, creating a new agency called the Bureau of Fair Competition and Free Enterprise within the Department of Labor and Economic Opportunity. It aims to replace these programs with a focus on promoting fair competition and free enterprise, ensuring economic incentives benefit the state directly. The bureau will inherit the powers, duties, and properties of the former funds and corporations, and will coordinate policies and programs related to job creation and economic growth.
Key provisions
- Creates the Bureau of Fair Competition and Free Enterprise within the Department of Labor and Economic Opportunity.
- Eliminates the Michigan Strategic Fund and the Michigan Economic Development Corporation.
- Transfers the powers, duties, and properties of the Michigan Strategic Fund and Michigan Economic Development Corporation to the new bureau.
- Withdraws the Michigan Strategic Fund from its contractual agreement with the Michigan Economic Development Corporation.
- Abolishes the Michigan Strategic Fund.
- Creates a new agency to coordinate policies and programs related to job creation and economic growth.
- Requires the bureau to submit an annual report detailing economic incentive recipients and related information.
- Establishes an Office of Chief Compliance Officer to oversee compliance with internal policies and procedures.
Who is affected
Bill text
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- Senate Introduced Bill
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