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 submit an annual report by April 10, 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 financial support from other sources. Additionally, the fund must report on bankruptcy notices and provide audits to ensure transparency and accountability. The legislation also establishes the "More Jobs for Michigan Fund," defining eligible businesses and authorized employers, and emphasizing job creation and retention.

The bill outlines the "More Jobs for Michigan" program, which incentivizes job creation by allowing authorized employers to receive withholding tax capture revenues, provided they maintain a minimum of 3,000 full-time jobs with a median wage of at least 150% of the regional median wage. It includes conditions for businesses to enter agreements with the fund, focusing on environmental compliance and penalties for noncompliance. The fund can retain up to 4% of revenues for administrative expenses and must publish information about authorized employers on its website. The program is set to expire after December 31, 2032, and introduces provisions for transformational job creation projects, allowing for extended withholding tax capture revenues under specific conditions. Additionally, it repeals the Michigan business tax act and the Michigan economic growth authority act effective December 31, 2030, signaling a shift in the state's economic incentive strategies.

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