Bill > HB4772

This bill amends the Michigan Trust Fund Act to clarify the rules governing the Strategic Outreach and Attraction Reserve Fund (SOAR Fund), a special fund within the Department of Labor and Economic Opportunity. The bill specifies that money in the fund can come from state appropriations or other sources, and any investment earnings must be deposited back into the fund. Unlike previous language, the bill now allows money that is restricted, obligated, or committed at the end of the fiscal year to remain in the fund, rather than automatically lapsing to the general fund, with an exception related to the Michigan Strategic Fund Act. The fund can only be used for two specific purposes: the Critical Industry Program and the Michigan Strategic Site Readiness Program, and both must be authorized by law or legislative transfer. Additionally, the Department of Labor and Economic Opportunity is required to submit an annual report by March 15 detailing the fund's activities to legislators, the governor, and various legislative bodies. The bill is tied to another piece of legislation (House Bill 4771) and will only take effect if that bill is also enacted into law.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-4772