Economic development: Michigan strategic fund; good jobs for Michigan program; modify. Amends secs. 90i & 90j of 1984 PA 270 (MCL 125.2090i & 125.2090j). TIE BAR WITH: HB 5413'24

This bill modifies the Michigan Strategic Fund Act to establish a new program called the High-Wage Incentive for Regional Employment in Michigan fund. It authorizes businesses that create certified new jobs to receive payments from this fund based on captured withholding taxes, provided they meet specific performance conditions. The legislation outlines procedures for issuing annual certificates to eligible businesses, requiring the fund to process payment requests within 90 days, and mandates that businesses forfeit funds if they fail to maintain their job creation commitments. Additionally, the bill creates a separate fund account that retains its balance year-to-year and requires the fund to publish details about payments and recipients on its website. The bill includes a provision stating that it will not take effect unless a related Senate bill is also enacted into law.