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 to various state officials and agencies, detailing financial assistance provided, job creation statistics, and other relevant data, including new and retained jobs, average salaries, and repayments made to the fund. Additionally, the fund must conduct an annual audit, which will be made public to ensure transparency. The bill also establishes the "More Jobs for Michigan Fund," defining eligibility for businesses and authorized employers to receive withholding tax capture revenues, emphasizing job creation and retention.

Moreover, the bill outlines the "More Jobs for Michigan" program, which allows authorized employers to receive withholding tax capture revenues for creating certified new jobs or maintaining protected jobs. It introduces key definitions, such as "qualifying employment level," requiring a minimum of 3,000 full-time jobs with a median wage of at least 150% of the regional median wage. The application process for eligible businesses includes disclosing any unresolved violations of environmental or occupational safety regulations. The fund is tasked with creating guidelines for administering the program, including a compliance process, and is set to expire on December 31, 2032. The bill also repeals the Michigan business tax act and the Michigan economic growth authority act effective December 31, 2030, indicating a significant shift in the state's economic incentive strategy.

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