The bill amends the Michigan Strategic Fund Act by updating sections 9 and 90j and introducing a new chapter, 8F. It requires the fund to provide an annual report by April 10 each year, detailing its activities, including financial assistance, job creation statistics, and loan statuses. The report must include metrics such as the number of new and retained jobs, average salaries, and repayments through clawback provisions. Additionally, the auditor general is mandated to conduct an annual audit of the fund, which must be publicly available. The bill also establishes the "More Jobs for Michigan Fund," defining eligibility criteria for businesses that can benefit from withholding tax capture revenues, and emphasizes the importance of transparency through regular reporting and audits.

Furthermore, the bill introduces the "More Jobs for Michigan" program, aimed at facilitating job creation and retention by allowing authorized employers to receive withholding tax capture revenues. Eligible businesses must create certified new jobs or maintain protected jobs, with specific criteria regarding job numbers and wage levels. The fund will administer the program, requiring businesses to submit a certified schedule of any environmental or occupational safety violations within the past three years, along with an action plan for resolution if applicable. The bill also outlines the responsibilities of the fund and authorized employers, including written agreements for withholding tax capture revenues, and allows the fund to retain up to 4% of revenues for administrative expenses. The program is set to expire after December 31, 2032, and includes provisions for transformational job creation projects, requiring significant job creation and investment levels, while repealing certain outdated tax acts effective after December 31, 2030.

Statutes affected:
Senate Introduced Bill: 125.2009, 125.2090, 208.1101, 208.1519, 207.801, 207.810