Bill > HB5799

This bill amends the Michigan Strategic Fund Act to expand the fund's responsibilities and reporting requirements, particularly concerning tax credit programs. It adds new functions for the fund related to performing duties under specific sections of the income tax act of 1967, which deal with tax credits. Additionally, the bill updates reporting requirements to include information on tax credits certified and approved under these sections, and it clarifies which legislative committees receive reports on various economic development programs, including those related to the Michigan Strategic Fund (MSF) and the Michigan Economic Development Corporation (MEDC). The "Michigan Strategic Fund" is a state entity responsible for economic development initiatives, and "tax credits" are reductions in the amount of tax owed by a business or individual. The bill also includes tie-bar language, meaning it will only become law if other specific bills are also enacted.