August 20, 2019, Introduced by Senator HORN and referred to the Committee on Economic and Small Business Development.
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
by amending section 74 (MCL 125.2074), as amended by 2006 PA 616.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 74. (1) The fund may utilize the money held in the
research center fund to provide financial aid to nonprofit research
and development enterprises that perform or cause to be performed,
or both, research and development in present and emerging
technology and in the application of that technology to business
and industry.
(2) The present or emerging technologies that are provided
financial aid should serve as a foundation for future job growth or
retention in this state, encourage economic stability or
diversification in this state, and establish this state as a center
of excellence in high technology.
(3) Financial aid under this act may be provided for the
purposes of designing and constructing new facilities, designing
and rehabilitating existing facilities, acquiring an interest in
real or personal property, providing working capital, which may
include salaries, rent, supplies, inventory, accounts receivable,
mortgage payments, legal costs, utility costs, telephone, travel,
and other incidental costs normally classified as working capital
according to standard accounting principles. Working capital
financing grants provided by the fund to a particular research and
development enterprise shall not be granted for a period exceeding
10 years calculated from the effective date of the first grant to
the expiration date of the last grant.
(4) Financial aid provided by the fund may be on those terms
and conditions as the fund, in its sole discretion, shall determine
to be reasonable, appropriate, and consistent with the purposes and
objectives of the fund and this act.
(5) The minimum financial aid grant under this act shall be
$2,500,000.00 to be paid over the period of time as the fund shall
specify in the grant unless this restriction is waived by a 2/3
vote of the members of the board.
(6)
Personal property that is leased, or owned, and or used,
or
that portion of real property that is leased, subleased, or
owned,
and occupied by a nonprofit research and development
enterprise that receives or has received financial benefit or
support under this act, former 1982 PA 70, or section 117 of 2000
PA 291 in the amount of $1,000,000.00 or more or that has received
financial benefit or support in the amount of $1,000,000.00 or more
from an organization with tax-exempt status under section 501(c)(3)
of the internal revenue code, 26 USC 501, that received financial
benefit or support directly or indirectly under this act or section
117 of 2000 PA 291 is exempt from taxes collected under the general
property
tax act, 1893 PA 206, MCL 211.1 to 211.157, 211.155, while
the property is leased, subleased, owned, used, or occupied by that
nonprofit research and development enterprise solely for the
purpose
of performing, or coordinating, or supporting research and
development in present and emerging technology and of the
application of that technology to business and industry and
provided that the research and development enterprise retains its
tax-exempt status under section 501(c)(3) of the internal revenue
code, 26 USC 501.