HB 5416
Economic development: Michigan strategic fund; grant, loan, award, tax credit, or other economic assistance under the Michigan strategic fund act; implement certain approval process for. Amends sec. 5 of 1984 PA 270 (MCL 125.2005).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies the Michigan Strategic Fund Act to strengthen the process for awarding economic assistance, such as grants, loans, and tax credits. It establishes a new board of directors with specific expertise requirements, including representation from the private sector and experience in areas like private equity and technology. The bill also mandates greater transparency by requiring draft contract approvals and supporting documents to be posted online at least 10 days before a decision is made, and outlines procedures for handling confidential financial information.
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Primary sponsor
Cosponsors
Gregory Alexander
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