Michigan Senate Bill SB0488

Michigan 2025-2026 Regular Session

• Introduced: 7/29/25
• Refer: 7/29/25

Caption

Economic development: Michigan strategic fund; Michigan strategic site readiness program and critical industry program; eliminate. Amends sec. 9 of 1984 PA 270 (MCL 125.2009) & repeals secs. 88s & 88t of 1984 PA 270 (MCL 125.2088s & 125.2088t). TIE BAR WITH: SB 0486'25

Impact

The impact of SB0488 is significant as it emphasizes transparency and accountability within the Michigan Strategic Fund. The bill mandates comprehensive annual reports detailing not only the financial assistance provided but also the actual outcomes of those investments, such as the number of jobs created or retained and the average salaries of those positions. This increased scrutiny aims to ensure that governmental funds are utilized effectively in promoting economic development and job growth across the state.

Summary

Senate Bill 0488 aims to amend the Michigan Strategic Fund Act, specifically targeting section 9 of 1984 PA 270. The bill revamps aspects of the economic development framework within Michigan by updating the reporting and accountability procedures for the programs administered under the act. One of the focal changes is the annual reporting requirement the fund must adhere to, requiring detailed accounts of financial assistance provided to entities, and their respective project outcomes, including job creation metrics and salary information.

Contention

Notable points of contention surrounding this bill may arise from the specifics of the reporting requirements and the implications for small or less-established businesses that could struggle to meet these requirements. There may be a tension between the need for accountability and the actual feasibility of the reporting processes for businesses receiving assistance. Additionally, by repealing certain sections of the act regarding strategic site readiness, questions may be raised about supporting various industries effectively, especially in sectors deemed critical for the state’s economic future.