Bill Text: MI HB5672 | 2021-2022 | 101st Legislature | Introduced
Bill Title: Economic development: Michigan strategic fund; surcharge for certain tax credits under Michigan strategic fund for racial equity and reparations fund; provide for. Amends 1984 PA 270 (MCL 125.2001 - 125.2094) by adding sec. 15. TIE BAR WITH: HB 5674'22
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Introduced - Dead) 2022-01-19 - Bill Electronically Reproduced 01/18/2022 [HB5672 Detail]
Download: Michigan-2021-HB5672-Introduced.html
HOUSE BILL NO. 5672
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
(MCL 125.2001 to 125.2094) by adding section 15.
the people of the state of michigan enact:
Sec. 15. Beginning July 1, 2022, notwithstanding any other provision of this act, the fund shall not provide funding for a project or an economic development project, or provide a loan, grant, or other assistance to any entity, unless that entity, prior to receiving that funding, loan, grant, or other assistance pays a surcharge equal to 13% of the present value of the amount of the funding, loan, grant, or other assistance, as determined by the board, to the racial equity and reparations fund created in the racial equity and reparations fund act.
Enacting section 1. This amendatory act does not take effect unless Senate Bill No.____ or House Bill No. 5674 (request no. 04840'21) of the 101st Legislature is enacted into law.
