Bill > HB5411

This bill modifies the Michigan Strategic Fund Act, specifically focusing on reporting requirements and modifications to economic assistance programs. The bill adds provisions that require more detailed transparency about economic development grants and loans, including a new requirement that if the Michigan Strategic Fund modifies a grant or loan with an existing qualified business and reduces the number of promised new jobs, the financial assistance must be proportionally reduced. The bill mandates comprehensive reporting on various economic development programs, including details about financial assistance such as the number of jobs created, average salaries, investment amounts, and project types. Specifically, for the Michigan Business Development Program, the bill introduces a new provision that if a business receives a grant or loan and fails to meet its original job creation commitments, the financial assistance will be scaled back accordingly. The bill aims to increase accountability and transparency in how state economic development funds are used, ensuring that businesses receiving state assistance are meeting their committed economic development goals. Key terms like "qualified business" and "qualified new job" are defined to provide clarity about the scope of these economic development initiatives.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5411