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Bill > HB5099
MI HB5099
MI HB5099Economic development: Michigan strategic fund; research and development tax credit program report; require the Michigan strategic fund to assist in its preparation. Amends sec. 9 of 1984 PA 270 (MCL 125.2009).
summary
Introduced
10/05/2023
10/05/2023
In Committee
03/19/2024
03/19/2024
Crossed Over
10/31/2023
10/31/2023
Passed
04/10/2024
04/10/2024
Dead
Signed/Enacted/Adopted
07/30/2024
07/30/2024
Introduced Session
102nd Legislature
Bill Summary
AN ACT to amend 1984 PA 270, entitled ?An act relating to the economic development of this state; to create the Michigan strategic fund and to prescribe its powers and duties; to transfer and provide for the acquisition and succession to the rights, properties, obligations, and duties of the job development authority and the Michigan economic development authority to the Michigan strategic fund; to provide for the expenditure of proceeds in certain funds to which the Michigan strategic fund succeeds in ownership; to provide for the issuance of, and terms and conditions for, certain notes and bonds of the Michigan strategic fund; to create certain boards and funds; to create certain permanent funds; to exempt the property, income, and operation of the fund and its bonds and notes, and the interest thereon, from certain taxes; to provide for the creation of certain centers within and for the purposes of the Michigan strategic fund; to provide for the creation and funding of certain accounts for certain purposes; to impose certain powers and duties upon certain officials, departments, and authorities of this state; to make certain loans, grants, and investments; to provide penalties; to make an appropriation; and to repeal acts and parts of acts,? by amending section 9 (MCL 125.2009), as amended by 2021 PA 136.
AI Summary
This bill requires the Michigan Strategic Fund to cooperate with the Department of Treasury and assist in preparing a report on the research and development tax credit program. The bill also expands the reporting requirements for the Michigan Strategic Fund to include additional details on various economic development programs and activities, such as the Good Jobs for Michigan program, the Critical Industry program, and the Michigan Strategic Site Readiness program. The report must be transmitted annually to the legislature, the governor, and other state officials, and it must include information on financial assistance provided, job creation and retention, and the status of loans and agreements.
Committee Categories
Business and Industry
Sponsors (13)
Rachel Hood (D)*,
Joey Andrews (D),
Erin Byrnes (D),
Jennifer Conlin (D),
Kristian Grant (D),
Jason Hoskins (D),
Jaz Martus (D),
Amos O'Neal (D),
Laurie Pohutsky (D),
Ranjeev Puri (D),
Carrie Rheingans (D),
Julie Rogers (D),
Penelope Tsernoglou (D),
Last Action
Assigned Pa 117'24 (on 07/30/2024)
Official Document
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