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: SB 0579'23

SB 580 modifies the Michigan Strategic Fund Act to update how the Good Jobs for H.I.R.E. Michigan program issues and manages withholding tax capture revenue payments to eligible businesses. The bill clarifies that businesses must receive a specific certificate before requesting payments, which the fund must process within 90 days, and it establishes a 5% retention rate from these payments to cover administrative costs and program evaluations. Additionally, the legislation requires fund approval for any business mergers or ownership changes that would continue to receive these incentives and mandates the public disclosure of payment details on the fund's website. This bill is tied to SB 0579, meaning it will only become law if that companion bill is also enacted.