HB 5599 Summary

• Establishes the Green to Gold Revolving Loan Fund to provide loans and economic development incentives to qualified manufacturing businesses in Michigan engaged in clean energy products, advanced transportation products, or sustainable energy practices.

• Creates a revolving fund in the state treasury that accepts appropriations, state revenue, federal revenue, local revenue, and private contributions, with interest and earnings credited back to the fund.

• Requires loan recipients to meet job creation targets for twice the loan duration, with interest rate increases of 1% per 10% shortfall, and loan default triggered by missing targets by more than 50% for 2 consecutive years.

• Mandates applicants pay state average manufacturing wages with health benefits, require prevailing wages for contractors, provide annual reports on capital investments and employment, demonstrate repayment ability, and maintain an annual employee turnover rate not exceeding 20%.

• Requires the Michigan Strategic Fund to post annual reports beginning October 1, 2012 detailing fund balance, number of projects funded, jobs created and retained, capital investments, taxes paid, sales increases, and energy savings achieved through program assistance.