Gov. Rick Snyder today signed legislation to streamline the 21st Century Jobs Fund and reduce administrative costs.
Senate Bill 929, sponsored by state Sen. Mike Kowall, provides flexibility in selecting projects to receive dollars from the 21st Century Jobs Fund and brings municipalities into the decision-making process. The fund diversifies Michigan's economy in areas like information technology, advanced automotive technology and materials, alternative energy and other innovative technologies. It provides initial investments for projects like university research and venture and private equity firms.
"A diverse, vibrant economy is essential to a strong Michigan, and these amendments to the 21st Century Jobs Fund will create better opportunities for growth," Snyder said. "They will save time and money by speeding the application process and focusing dollars on the most promising investments."
The bill now is Public Act 145 of 2012.
The governor also signed eight other bills.
S.B.s 768 and 769, sponsored by state Sen. John Pappageorge, make it a felony to sell, purchase or install an automated sales suppression device, which falsifies cash register records to avoid paying owed sales, income and business taxes. Violators face up to five years in jail and a maximum fine of $100,000. The bills now are P.A.s 146 and 147.
S.B. 887, sponsored by state Sen. Mike Green, increases grain dealers' licensing fees to limit reliance on General Fund dollars. These fees support a security program to prevent a situation similar to a run on a bank if a grain elevator declares bankruptcy. Licenses now cost $500 to $1,000, depending on a dealers' bushel capacity. The bill now is P.A. 148.
S.B. 888, also sponsored by Green, increases the maximum annual reimbursement to the Michigan Department of Agriculture and Rural Development from the Farm Produce Insurance Fund. In tandem with S.B. 887, this legislation ensures sufficient funds for producer security programs without reliance on General Fund dollars. The bill now is P.A. 149.
S.B. 908, sponsored by state Sen. Darwin Booher, removes obsolete provisions from the Mortgage Loan Originator Licensing Act and adds language to reflect new federal standards. The bill now is P.A. 150.
House Bill 5232, sponsored by state Rep. Jeff Farrington, limits the number of separate voluntary checkoffs on income tax forms to 10 a year. Further, it requires the Department of Treasury to discontinue any checkoff that fails to raise $50,000 for two consecutive years. The bill now is P.A. 151.
H.B.s 5289 and 5288, sponsored by state Reps. Mark Ouimet and Jimmy Womack, allow community colleges and public corporations to invest funds in many types of bank accounts. The bills now are P.A.s 152 and 153.
Visit www.legislature.mi.gov for more information on the bills.