LANSING, Mich. — Senate Appropriations Committee Chairman Jim Stamas has voted for legislation to make Michigan more competitive for new investment and jobs.
“This is about giving Michigan better tools to attract new opportunities and investment to our state,” said Stamas, R-Midland. “The Make it in Michigan Plan is accountable and affordable and would help us compete for long-term, high-wage jobs. The plan is budgeted for in advance, increases strong repayment provisions if companies fail to meet their end of the agreement, and features detailed reporting requirements to the Legislature to ensure the program is meeting its goals and taxpayer dollars are being responsibly invested.”
Senate Bill 769 would create the Strategic Outreach and Attraction Reserve (SOAR) fund within the Department of Labor and Economic Opportunity (LEO). The SOAR program would receive funds through a legislative appropriation. Funds from SOAR would be transferred into the Critical Industry Program (CIP) or Michigan Strategic Site Readiness Program (MSSRP).
House Bill 5603 would create the MSSRP to provide grants, loans, and other economic assistance for eligible applicants to conduct eligible activities to create investment-ready sites.
SB 771 would create the CIP, which would provide funds for qualified investments to qualified businesses for deal-closing, gap financing, or other economic assistance that create new qualified jobs and/or make capital investments (not for administrative purposes).
LEO must transmit reports on the fund and programs to each legislator, the governor, the clerk of the House, the secretary of the Senate, and the Senate and House fiscal agencies by March 15 of each year. If the report is not transmitted by March 15, no dollars from the unreported fund may be disbursed until the report has been transmitted.
SB 85 is a supplemental budget for 2022 and would designate $1 billion for the SOAR fund.
The bills now head to the governor for consideration.