Bill Text: MI HB5820 | 2019-2020 | 100th Legislature | Introduced
Bill Title: Economic development: economic development corporations; local revitalization pilot program; create. Amends 1984 PA 270 (MCL 125.2001 - 125.2094) by adding sec. 88s.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2020-06-02 - Bill Electronically Reproduced 06/02/2020 [HB5820 Detail]
Download: Michigan-2019-HB5820-Introduced.html
HOUSE BILL NO. 5820
May 28, 2020, Introduced by Rep. Miller and
referred to the Committee on Commerce and Tourism.
A bill to amend 1984 PA 270, entitled
"Michigan strategic fund act,"
(MCL 125.2001 to 125.2094) by adding section 88s.
the people of the state of michigan enact:
Sec. 88s. (1) The fund shall develop a
Michigan community investment pilot program to promote community participation
and collaborations among nonprofit organizations, businesses, and individual
residents while producing outcomes which assist a distressed area or the low-income
population in a neighborhood, community, or commercial corridor. The program
shall include parameters and criteria to be used by the board for approving community
investment plans submitted by qualified organizations.
(2) The fund shall also establish an application, approval, and compliance process for the board to certify community investment plans and determine eligibility and issue certificates to taxpayers that make qualified investments in qualified organizations as provided under section 280 of the income tax act of 1967, 1967 PA 281, MCL 206.280.
(3) The fund shall post the application, approval, and compliance process on the fund's website.
(4) As used in this section, "community investment plan", "qualified investment", and "qualified organization" mean those terms as defined in section 280 of the income tax act, 1967 PA 281, MCL 206.280.
