Economic development: Michigan strategic fund; approval and certification of certain research and development tax credits; authorize. Amends title & secs. 7 & 9 of 1984 PA 270 (MCL 125.2007 & 125.2009). TIE BAR WITH: HB 5100'23, HB 5101'23, HB 5102'23, HB 5978'24, SB 1017'24, SB 1017'24
Impact
The passage of SB1018 is anticipated to significantly influence state laws by expanding the powers granted to the Michigan Strategic Fund. It will streamline the process through which businesses can receive financial support, project financing, and related economic resources. As a result, proponents argue that this could lead to increased business growth and stability in the state. However, critics may express concerns about the adequacy of oversight regarding the fund's financial dealings, suggesting that increased funding could lead to instances of mismanagement or a lack of transparency.
Summary
Senate Bill 1018 proposes amendments to the Michigan Strategic Fund Act, aiming to enhance the state's economic development initiatives. Primarily, the bill seeks to establish clearer guidelines surrounding the Michigan Strategic Fund, providing it with the authority to oversee various economic programs and offer financial assistance to businesses. This includes granting the fund the ability to issue bonds, make loans, and provide tax incentives to encourage investment within Michigan, particularly in initiatives that aim to foster job creation and economic revitalization.
Contention
Notable points of contention around SB1018 center on the potential strain on state resources and the effectiveness of the Michigan Strategic Fund in managing new responsibilities. While supporters emphasize the need for economic rejuvenation following recent economic challenges, opponents may argue that the proposed changes offer an insufficient safety net for taxpayer interests and do little to address systemic issues faced by small businesses. The debate addresses not only the enhancement of current systems but also raises questions about accountability and efficacy in achieving the intended economic outcomes.
Same As
Corporate income tax: credits; research and development credit for certain employers; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 677 & repeals sec. 716 of 1967 PA 281 (MCL 206.716).
Same As
Corporate income tax: credits; annual report on research and development tax credits; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 718.
Same As
Individual income tax: credit; research and development credit for certain small employers; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 717.
Same As
Corporate income tax: credits; aerospace and defense technology related research and development credit; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 277 & 677.
Same As
Corporate income tax: credits; aerospace and defense technology related research and development credit; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 277 & 677. TIE BAR WITH: SB 1018'24
Economic development: Michigan strategic fund; approval and certification of certain research and development tax credits; authorize. Amends title & secs. 7 & 9 of 1984 PA 270 (MCL 125.2007 & 125.2009).
Economic development: Michigan strategic fund; research and development tax credit program report; require the Michigan strategic fund to assist in its preparation. Amends sec. 9 of 1984 PA 270 (MCL 125.2009).
Economic development: Michigan strategic fund; good jobs for Michigan program; modify. Amends secs. 9, 90g & 90h of 1984 PA 270 (MCL 125.2009 et seq.). TIE BAR WITH: SB 0580'23
Economic development: other; critical industry program and Michigan strategic site readiness program; revise, and create Michigan 360 program. Amends secs. 5, 9, 88s & 88t of 1984 PA 270 (MCL 125.2005 et seq.) & adds secs. 88u & 88v. TIE BAR WITH: HB 5106'23
Economic development: other; critical industry program and Michigan strategic site readiness program; revise. Amends secs. 88s & 88t of 1984 PA 270 (MCL 125.2088s & 125.2088t). TIE BAR WITH: HB 5136'23, HB 5138'23, HB 5413'24, HB 5680'24, HB 5681'24
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
Economic development: Michigan strategic fund; insulin production program; include in report of activities. Amends sec. 9 of 1984 PA 270 (MCL 125.2009). TIE BAR WITH: HB 4890'23
Economic development: other; critical industry program and Michigan strategic site readiness program; revise, and create Michigan 360 program. Amends secs. 5, 9, 88s & 88t of 1984 PA 270 (MCL 125.2005 et seq.) & adds secs. 88u & 88v. TIE BAR WITH: SB 0562'23
Economic development: Michigan strategic fund; good jobs for Michigan program; modify. Amends secs. 9, 90g & 90h of 1984 PA 270 (MCL 125.2009 et seq.).
Economic development: Michigan strategic fund; approval and certification of certain research and development tax credits; authorize. Amends title & secs. 7 & 9 of 1984 PA 270 (MCL 125.2007 & 125.2009).
Economic development: Michigan strategic fund; good jobs for Michigan program; modify. Amends secs. 9, 90g & 90h of 1984 PA 270 (MCL 125.2009 et seq.). TIE BAR WITH: SB 0580'23
Economic development: Michigan strategic fund; research and development tax credit program report; require the Michigan strategic fund to assist in its preparation. Amends sec. 9 of 1984 PA 270 (MCL 125.2009).
Economic development: Michigan strategic fund; good jobs for Michigan program; modify. Amends secs. 9, 90g & 90h of 1984 PA 270 (MCL 125.2009 et seq.).