The bill amends the Michigan Strategic Fund Act by adding a new section (7c) that requires businesses applying for qualified investments to submit a hiring and promotional practices form. This form mandates that businesses attest, under penalty of perjury and a civil fine of $5,000, to using merit-based hiring and promotional practices for at least five years or the duration of their agreement with the fund. The bill also outlines penalties for false attestations, including perjury charges and civil fines, and stipulates that the fund cannot enter into agreements with non-compliant businesses. Additionally, the bill modifies existing sections related to the critical industry program and the Michigan strategic site readiness program, emphasizing merit-based hiring practices and establishing criteria for fund application approvals.

Moreover, the bill introduces new criteria for applicants seeking economic assistance through the Michigan strategic site readiness program, including the demonstration of financial need and job creation or retention due to technological shifts. It mandates that applicants submit a hiring and promotional practices form if a specific end user is identified and prohibits fund disbursement if previous financial obligations remain unpaid. The bill also outlines processes for modifying agreements, establishes a comprehensive inventory of development-ready sites, and includes provisions for penalties related to clawbacks and repayment failures. New definitions are introduced, clarifying terms such as "mega-strategic site," "qualified job," and "strategic site," while updating the definition of the Michigan strategic site readiness program. Overall, these amendments aim to enhance economic development in Michigan while ensuring accountability and transparency in the use of public funds.

Statutes affected:
House Introduced Bill: 125.2088