MI HB6254

Amends the low grade iron ore specific tax law to create a ferrous mining research and design fund within the state treasury, effective only if HB 6257 is also enacted.

Beginning October 1, 2023, directs the first $250,000 annually from state-distributed iron ore tax proceeds to the metallic mineral mine reclamation fund, and the next $200,000 annually (through September 30, 2033) to the ferrous mining research and design fund.

Establishes a ferrous mining research and design grant program administered by the Department of Environment, Great Lakes, and Energy to provide grants to public colleges and universities in Michigan with mining and geology focus for iron ore mining research and innovation.

Requires grant recipients to obtain matching funds on a 1-to-1 basis from owners of low grade iron ore mining property and to work with mine owners and the state department to identify 21st century mining research projects.

Provides that any balance in the ferrous mining research and design fund exceeding $2,000,000 at fiscal year-end shall be distributed according to existing tax distribution provisions.