Bill > HB5417

This bill amends the Michigan Strategic Fund (MSF) Act to establish new reporting requirements and restrictions on economic incentive disbursements. Specifically, the bill prohibits the MSF from distributing money for economic incentives if it is delinquent in submitting legislatively required reports. An economic incentive is defined broadly as any grant, loan, tax capture, abatement, or other economic assistance provided through MSF programs. The bill allows exceptions for existing written agreements entered into before the bill's effective date, unless those agreements are amended or renewed afterward. When entering new agreements or renewing existing ones after the bill's effective date, the MSF must include a provision stating that funds will not be disbursed if the organization is behind on required legislative reports. The bill defines "Michigan strategic fund" to include the fund itself, its officers, employees, and agents, including the Michigan Economic Development Corporation (MEDC). This legislation aims to improve accountability and ensure that the MSF completes its legislative reporting obligations before receiving economic incentive funds, thereby increasing transparency in the state's economic development processes.