The bill amends the Michigan Strategic Fund Act by adding a new section, 7c, which prohibits the fund from entering into agreements for economic incentives with foreign entities. It requires that before any economic incentive is provided, the recipient or applicant must submit an affidavit, signed under penalty of perjury, confirming that they are not a foreign entity. This affidavit must be in a form prescribed by the fund. Additionally, any person or government entity that receives or distributes an economic incentive must not knowingly benefit a foreign entity and must also require the same affidavit from any entity receiving the incentive.

The bill defines key terms such as "foreign entity," which includes entities owned or controlled by governments of specified foreign countries of concern, and outlines the responsibilities of the fund in administering these requirements. The countries identified as foreign countries of concern include China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria, among others. The fund is also tasked with promulgating rules under the administrative procedures act to ensure compliance with this new section.

Statutes affected:
House Introduced Bill: 125.2001, 125.2094