HB 4042 Summary

• Appropriates $200,000,000 in supplemental funding for fiscal year ending September 30, 2023, from the state general fund for the Department of Labor and Economic Opportunity.

• Designates $200,000,000 for an Upper Peninsula economic development project to be awarded to a single business entity located in a city with population between 12,400-12,500 and a county with population between 36,900-36,950.

• Requires grant recipient to certify it will maintain employment levels as of October 1, 2022 for 10 years and invest at least $1,060,000,000 at the specified location.

• Makes any grant performance-based and subject to rules, regulations, and guidelines established by the Michigan Strategic Fund or Michigan Economic Development Corporation.

• Spending subject to the Management and Budget Act, 1984 PA 431, with provisions allowing legislative inter-transfer of funds within the department if the State Administrative Board transfers funds.