The bill amends the Michigan Strategic Fund Act by adding a new section, 7c, which requires businesses to complete 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 only merit-based hiring and promotion practices for at least five years or the duration of their agreement with the fund, whichever is longer. The bill also outlines penalties for false attestations, including perjury charges and civil fines. Additionally, it modifies existing sections related to the critical industry program and the Michigan strategic site readiness program, emphasizing the necessity of merit-based practices for businesses seeking funding from the fund.

Moreover, the bill introduces new criteria for applicants seeking economic assistance, such as demonstrating financial need and job creation or retention due to technological shifts. It requires applicants to submit the hiring and promotional practices form if a specific end user is identified, or to attest that any future end user will adhere to these practices if none is specified. The bill also establishes a process for modifying agreements, ensuring transparency and notification to legislative bodies, and prohibits fund disbursement if the applicant has outstanding repayment obligations. New definitions and clarifications are provided, including the redefinition of "mega-strategic site" and "qualified job," to enhance the clarity and effectiveness of the Michigan strategic site readiness program.

Statutes affected:
House Introduced Bill: 125.2088