The bill amends the Michigan Strategic Fund Act by enhancing the fund's powers and reporting requirements. Key insertions include the establishment of a job training fund, a brownfield historic investment program, and the ability to borrow money for financing a Special Purpose FWC Settlement Entity. The fund will also be authorized to engage in financial activities such as making loans for export-related transactions and certifying minority venture capital companies for tax credits. Additionally, a new section allows the fund to perform functions related to the Income Tax Act of 1967, thereby broadening its operational scope.

In terms of accountability, the bill mandates detailed annual reporting to legislative bodies, including information on financial assistance recipients, job creation statistics, and loan statuses. It requires the fund to maintain transparency by posting relevant information on its website and updating it periodically. The bill also introduces compliance measures related to the "good jobs for Michigan" program, detailing agreements, authorized businesses, and job certifications. Furthermore, it emphasizes cooperation with the Department of Treasury regarding tax credit programs and mandates the inclusion of certified credits in the reports. The bill will take effect only if certain other bills from the 103rd Legislature are enacted into law.

Statutes affected:
Senate Introduced Bill: 125.2007, 125.2009