The bill amends the Michigan Trust Fund Act by establishing the strategic outreach and attraction reserve fund within the Department of Labor and Economic Opportunity. It mandates that the state treasurer deposit funds from state appropriations and other sources into this reserve fund, with the stipulation that any money that is restricted, obligated, or committed at the end of the fiscal year remains in the fund and does not lapse to the general fund. The Department of Labor and Economic Opportunity is designated as the administrator for audits of the fund.

Additionally, the bill outlines specific conditions under which money from the strategic outreach and attraction reserve fund can be expended. Expenditures must be made in accordance with legal appropriations and can only be used for the critical industry program or the Michigan strategic site readiness program. Furthermore, recipients of these funds are required to implement hiring practices and internal promotional schemes based on merit, defined as a reasonable expectation of job performance based on objective criteria. The department is also required to report annually on the fund's activities to various legislative and executive stakeholders.

Statutes affected:
House Introduced Bill: 12.254