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MI HB5674
Bill
Status
1/18/2022
Primary Sponsor
Cynthia Johnson
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AI Summary
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Establishes the Racial Equity and Reparations Fund in the Michigan Department of Treasury to provide grants, loans, investments, and economic assistance to African-American businesses and economic development initiatives in the state.
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Directs the State Treasurer to deposit proceeds from a surcharge levied under the Michigan Strategic Fund Act (1984 PA 270) and any other sources into the fund, with interest and investment earnings credited to the fund.
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Specifies that money remaining in the fund at the close of the fiscal year shall remain in the fund and not lapse to the general fund.
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Designates the Department of Treasury as the administrator of the fund for audit purposes.
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Bill takes effect only if House Bill 5672 of the 101st Legislature is enacted into law.
Legislative Description
State financing and management: funds; racial equity and reparations fund; create. Creates new act. TIE BAR WITH: HB 5672'22
State financing and management: funds
Last Action
Bill Electronically Reproduced 01/18/2022
1/19/2022