MI HB5413

Enters Michigan into the Corporate Welfare Prohibition Compact with other states to ban government subsidies to private enterprises intended to lure specific companies or industries to relocate or open new facilities

Prohibits state and local governments from providing selective economic benefits including direct grants, tax considerations, favorable bonding status, or special district status to specific businesses once the compact activates

Compact becomes binding when states representing a three-fifths majority in both chambers of Congress join; existing contractual subsidy obligations would be honored

Exempts general tax cuts, uniform regulatory relief, essential government functions, public infrastructure, and government procurement from the definition of prohibited "subsidies"

Allows any taxpaying resident of a party state to sue to enforce the compact; chief law enforcement officers in each party state are responsible for enforcement