MI HB4771

Redirects clawback repayments 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 (SOAR) fund

Requires businesses to notify the Michigan Strategic Fund within 1 business day if a project is canceled or placed on hold, with specific consequences for indefinite holds (no further disbursements) and definite holds (funds placed in escrow)

Establishes a default project commencement deadline of 1 year after the written agreement is executed or funds are appropriated, whichever is earlier; projects not started by this date are considered canceled

Prohibits the Michigan Strategic Fund from extending project deadlines or other time frames in written agreements without approval from both the Senate and House Appropriations Committees

Defines "definite hold" as a project pause with a specific resume date within 1 year, and "indefinite hold" as a pause without a specific date or with a resume date beyond 1 year; excludes pauses due to circumstances outside the project operator's control