MI HB5673

Appropriates $1,500,000,000 in federal coronavirus state fiscal recovery funds to the Department of Treasury for fiscal year ending September 30, 2022.

Establishes a racial equity and reparations fund to provide grants, loans, investments, and other economic assistance for businesses and economic developments that promote the African-American community in Michigan.

Designates appropriated funds as a work project appropriation with an estimated completion date of September 30, 2026, allowing unencumbered funds to carry over and remain available for expenditure until project completion.

Funds cannot be spent or distributed unless Senate Bill No. ____ or House Bill No. 5674 is enacted into law (tie-bar provision).

Appropriation subject to the Management and Budget Act, 1984 PA 431, with total state general fund spending from state sources of $0.00.