Bill > HB4773

This bill amends the Economic Development Incentive Evaluation Act to establish a comprehensive annual audit process for the Strategic Outreach and Attraction Reserve (SOAR) programs and projects. The bill requires the auditor general to conduct a yearly examination of SOAR funds, with specific tasks including determining if any money needs to be repaid, identifying unexpended or unallocated funds, and checking whether canceled or on-hold projects have properly handled their funding. The audit will review whether funds have been correctly returned to the general fund and verify that project agreements are not in default and have proper documentation. The auditor general must submit a detailed report to several state departments and legislative committees within 30 days of completing the audit, and the department of treasury and strategic fund must then take necessary actions to ensure proper financial accountability. The bill defines key terms related to SOAR programs, including different types of economic development incentives and what constitutes a SOAR project. Importantly, this legislation is tied to another bill (HB 4771) and will only take effect if that companion bill is also enacted, suggesting it is part of a broader package of economic development oversight measures.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-4773