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MI HB5136
Bill
Status
10/12/2023
Primary Sponsor
Ann Bollin
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AI Summary
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Amends the Economic Development Incentive Evaluation Act to expand the definition of "economic development incentive" to include SOAR (Strategic Outreach and Attraction Reserve) programs and projects funded through the Michigan strategic fund.
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Requires the Auditor General to conduct annual audits of all SOAR program and SOAR project disbursements to determine compliance with clawback provisions, fund reversion requirements, and project status changes.
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Mandates that the Auditor General report audit findings within 30 days to the Department of Technology, Management, and Budget; Department of Treasury; the Michigan strategic fund; and legislative appropriations committees.
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Requires the Department of Treasury and strategic fund to take necessary actions to ensure repayment of clawed-back SOAR funds to the strategic fund and reversion of unexpended or unobligated SOAR money to the general fund within one year of project cancellation or indefinite hold status.
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Establishes audit compliance with the Auditor General's authority under 2003 PA 1 and clarifies these audits are separate from and do not replace contractor evaluations under the existing act.
Legislative Description
Economic development: other; audit that would identify and return unspent money to the general fund for SOAR projects; require. Amends sec. 3 of 2018 PA 540 (MCL 18.1753) & adds sec. 7a.
Economic development: other
Last Action
Bill Electronically Reproduced 10/12/2023
10/17/2023