MI HB5138

Redirects clawback payments and unexpended funds from the Critical Industry Program and Michigan Strategic Site Readiness Program to the state general fund instead of the Strategic Outreach and Attraction Reserve Fund (SOAR).

Establishes project hold and cancellation procedures requiring written notification within 1 business day, with immediate fund disbursement holds on canceled or indefinitely held projects, and 1-year resumption windows for indefinitely held projects.

Prohibits fund modifications that extend project commencement dates or other time frames in written agreements, with all modification requests requiring legislative notice 5 business days before approval.

Creates 1-year project commencement deadline (unless otherwise specified in written agreement), with projects not commenced by deadline considered canceled and subject to fund clawback provisions.

Adds definitions for "definite hold," "indefinite hold," and "related project funds" to clarify project status reporting requirements and fund management procedures for both programs.