MI HB5679

Revises the Critical Industry Program to require funding allocation with at least 1/3 reserved for small businesses, 1/3 for medium businesses, and no more than 1/3 for large businesses, with unused allocations becoming available on July 1 each fiscal year.

Limits Critical Industry Program awards to no more than 50% of biennial funding for any single industry and no more than 40% annually for businesses without Michigan physical presence.

Establishes job maintenance requirements including baseline jobs that must be maintained, qualified jobs to be created or retained, and penalties (1.05 multiplier) for falling short of job targets, with clawback provisions for non-compliance.

Restricts program awards to qualified businesses in critical industries (utilities, automotive, aeronautical, telecommunications, oil and gas, defense, pharmaceutical, computer technology) and prohibits participation in the H.I.R.E. Michigan program.

Terminates new awards under both the Critical Industry Program and Michigan Strategic Site Readiness Program after December 31, 2030, and requires annual reporting to the legislature by March 15 with provisions preventing fund disbursements if reports are not timely submitted.