MI SB0580

Adds sections 90v and 90w to the Michigan Strategic Fund Act to establish the H.I.R.E. (High-Wage Incentive for Regional Employment) Michigan fund within the state treasury.

Authorized businesses are eligible to receive withholding tax capture revenue payments, with the fund issuing annual withholdings certificates stating the business status, payment amounts, and identification information.

Authorized businesses must request payment by filing the withholdings certificate with the fund, which shall issue payment within 90 days of receiving the request.

Authorized businesses forfeit withholding tax capture revenue payments for any calendar year they fail to maintain the minimum number of certified new jobs or violate conditions in their written agreement.

Fund approval is required for any proposed reorganization, merger, or change of ownership, and the fund must publicly disclose authorized businesses' names, payment amounts, and payment duration on its website and in reports.