The bill amends the Michigan Strategic Fund Act by updating Section 9, which outlines the reporting requirements for the fund. It mandates that the fund must provide an annual report to various legislative and governmental bodies by April 10 each year, detailing its activities from the previous fiscal year. The report must include comprehensive information about financial assistance provided, including the entities receiving aid, job creation and retention statistics, financial support from other sources, and the status of loans. Additionally, the report must cover specific investment metrics related to 21st-century investments, tourism promotion, business development efforts, and community revitalization incentives.

Significant changes in the bill include the repeal of sections related to the critical industry program and the Michigan strategic site readiness program, which are no longer required to be reported. The bill also clarifies the definition of "financial assistance" and specifies that the fund must cooperate with the Department of Treasury in preparing related reports. The enactment of this bill is contingent upon the passage of Senate Bill No. 486.

Statutes affected:
Senate Introduced Bill: 125.2009