MI HB5680

Interest and earnings from the strategic outreach and attraction reserve fund are redirected to the Michigan transportation fund instead of remaining in the reserve fund.

At least 50% of money deposited into the strategic outreach and attraction reserve fund each fiscal year must be reserved for the Michigan strategic site readiness program.

Money reserved under the 50% requirement that remains unobligated or uncommitted at the close of the fiscal year lapses to the general fund, while restricted or obligated money remains in the fund.

Any money remaining in the strategic outreach and attraction reserve fund on December 31, 2030 lapses to the general fund and the fund is closed.

The bill takes effect only if House Bill 5679 and House Bill 5681 are both enacted into law.