Bill > SB0488

This bill amends the Michigan Strategic Fund Act by modifying reporting requirements and eliminating two specific programs. The bill requires the Michigan Strategic Fund to continue providing detailed annual reports to legislators and government officials, which must include comprehensive information about financial assistance provided, such as the number of jobs created or retained, average salaries, investment amounts, and specific details about various economic development initiatives. The bill specifically repeals two programs: the Critical Industry Program and the Michigan Strategic Site Readiness Program, effectively removing them from the existing law. The reporting requirements remain extensive, covering areas like tourism promotion, business development, community revitalization, and business incubators, and mandate that the fund post various details about financial assistance, loans, and program activities on its website. The bill also stipulates that these changes are contingent upon the passage of a related Senate Bill, ensuring that the legislative changes are implemented in coordination with other pending legislation. The primary goal appears to be increasing transparency and accountability in economic development funding while streamlining certain program structures.

Business and Industry

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0488