The bill amends the Michigan Strategic Fund Act by updating sections 9 and 90j and introducing a new chapter 8F, which mandates that the fund must provide an annual report by April 10 to various state officials and agencies. This report will detail financial assistance provided, job creation statistics, and other relevant data, including information on entities receiving assistance and the status of loans. Additionally, an annual audit conducted by the auditor general or a certified public accountant will be required, with the results made publicly available. The bill also establishes the "More Jobs for Michigan Fund," defining eligible businesses and authorized employers, and specifies that the fund can be used for withholding tax capture revenue payments and administrative expenses.

The "More Jobs for Michigan" program aims to facilitate job creation and retention by allowing authorized employers to receive withholding tax capture revenues, contingent upon creating certified new jobs or maintaining protected jobs. Applicants must disclose any environmental or occupational safety violations from the past three years and provide an action plan for resolution if necessary. The fund can retain up to 4% of the revenues for administrative costs and is required to publish information about authorized employers on its website. The program is set to expire on December 31, 2032, and includes provisions for extending withholding tax capture revenues for significant investments and job creation, while also repealing the Michigan business tax act and the Michigan economic growth authority act effective after December 31, 2030. Overall, the legislation aims to enhance job opportunities and strengthen Michigan's economy through targeted financial incentives for businesses.

Statutes affected:
Senate Introduced Bill: 125.2009, 125.2090