MI SB0981

Expands the Critical Industry Program to require detailed evaluation criteria including job creation, financial soundness, environmental conditions, and return on investment before awarding qualified investments to businesses.

Establishes tax capture revenue reporting requirements for qualified businesses, including construction period wages, business income attributable to projects, and withholding taxes from qualified jobs.

Creates the Michigan Strategic Site Readiness Program to provide grants, loans, and economic assistance for site preparation and infrastructure improvements on strategic and mega-strategic sites to attract industrial and commercial development.

Requires written agreements with specific terms including performance benchmarks, job creation metrics, clawback provisions for non-compliance, and 1% monthly penalties on unpaid amounts after 90-day repayment notification.

Mandates annual reporting to the legislature by March 15 detailing all awarded investments, job creation outcomes, funding sources, and clawbacks; suspends future disbursements if reports are not timely submitted.