The proposed bill establishes the "nuclear and hydrogen graduate attraction and retention program," which aims to provide grants to graduates from postsecondary institutions who secure employment at qualified electric generation facilities utilizing nuclear or hydrogen technology in Michigan. The program is administered by the Department of Labor and Economic Opportunity, which will develop an application and compliance process for potential participants. Eligible individuals must apply within 12 months of graduation and can receive annual grants for up to three years, contingent upon their continued employment at a qualified facility.

Additionally, the bill outlines penalties for individuals who provide false information in their applications, including potential misdemeanor charges. It creates a dedicated fund for the program, stipulating that any repayments from participants who received unentitled payments must be deposited into this fund. The Department is also tasked with reporting annually on the program's status, including participant statistics and employment outcomes. The act will only take effect if several related bills are enacted into law.