The bill amends the Michigan Strategic Fund Act by updating sections 7 and 9 to enhance the fund's powers and reporting requirements. Key insertions include the establishment of a job training fund aimed at supporting worker training for Michigan businesses, the creation of a brownfield historic investment program, and provisions allowing the fund to borrow money and issue bonds for financing a Special Purpose FWC Settlement Entity. Additionally, the fund is authorized to engage in various financial activities, such as making loans for export-related transactions and certifying minority venture capital companies for tax credits.

In terms of reporting, the bill mandates that the fund provide detailed annual reports to legislative bodies, including information on financial assistance recipients, job creation statistics, and loan statuses. It also requires the disclosure of information related to tourism promotion and business development efforts. The bill introduces amendments to the good jobs for Michigan program, requiring the fund to post and update compliance information and include detailed reports on written agreements, certified jobs, and withholding tax capture revenues. Furthermore, it establishes a cooperative relationship with the Department of Treasury regarding tax credit programs and specifies that the bill will only take effect if certain other bills from the 103rd Legislature are enacted.

Statutes affected:
House Introduced Bill: 125.2007, 125.2009