The Senate Regulatory Affairs Committee reported legislation creating the More Jobs for Michigan Program, aimed at incentivizing good-paying new or retained jobs in the state. The state previously operated a similar program that ended in 2019. Instead of extending the program, the Legislature created the Strategic Outreach and Attraction Reserve Fund.
Key points:
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- Senate Bills 472 and 473 were introduced by Senator Sam Singh (D-East Lansing).
- Businesses participating in the program could receive up to 100% of withholding tax capture revenues for certified new jobs for a period of time.
- Housed within the Michigan Strategic Fund (MSF), businesses could apply to participate and, if approved, enter into a written agreement with the MSF.
- The MSF would be prohibited from entering into new agreements after December 31, 2032.
- To be eligible, a business must operate, or plan to be located, in Michigan and either propose to create new jobs or protect existing jobs.
- Additionally, a business is eligible to participate in the program if it meets one of the tiers:
- Creating ten or more certified new jobs paying at least 175% of the prosperity region’s median wage.
- Creates ten or more certified new jobs at a facility in a county with 50,000 or more residents, paying at least 135% of the prosperity region’s median wage.
- Creating 250 or more certified new jobs that pay at least 150% of the prosperity region’s median wage.
Next steps:
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- The bills were referred to the Committee of the Whole for consideration.
