MI HB5417

Michigan Strategic Fund prohibited from disbursing money for economic incentives if the fund is delinquent in submitting any legislatively required reports

Prohibition does not apply to economic incentives required under written agreements entered into before the act's effective date, unless those agreements are amended or renewed afterward

All new, amended, or renewed written agreements for economic incentives must include a provision stating that disbursements will not occur if the fund is delinquent on required legislative reports

Economic incentives covered include grants, loans, tax captures or abatements, and other economic assistance administered by or requiring certification from the Michigan Strategic Fund

Legislatively required reports include any reports the fund must submit to the legislature, individual legislators, or legislative committees under state law