Terms Used In Michigan Laws 125.2090p

  • Closing date: means the date on which a rural jobs and capital investment fund has received a grant, loan, or other type of economic assistance. See Michigan Laws 125.2090l
  • Earned job factor: means an amount equal to $7,500. See Michigan Laws 125.2090l
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Full-time equivalent employees: means the number of salaried employment positions plus the quotient obtained by dividing the total number of hours for which employees with an hourly wage rate of at least 150% of the federal minimum wage were compensated for employment over the preceding 12-month period by 2,080 with respect to hourly employees. See Michigan Laws 125.2090l
  • Fund: means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. See Michigan Laws 125.2004
  • Growth investment: means any capital or equity investment in a qualified business or any loan to a qualified business with a stated maturity at least 1 year after the date of issuance. See Michigan Laws 125.2090l
  • Investment authority: means the amount stated on the certificate under section 90m certifying the rural jobs and capital investment fund. See Michigan Laws 125.2090l
  • New full-time equivalent employees: means the number of jobs performed by an individual who is employed for consideration for at least 35 hours of work each week based in this state and for whom the company, an employee leasing company, or a professional employer organization on behalf of the company, or other entity authorized under this act, withholds income and United States Social Security taxes. See Michigan Laws 125.2090l
  • Qualified business: means an operating business that, at the time of the initial investment in the business by a rural jobs and capital investment fund, has fewer than 150 employees and is engaged in industries assigned a North American Industry Classification System code within sectors 11, 21, 23, 31 through 33, 42, 48, 49, 54, except 541110 through 541219, 56, 62, and 81 or, if not engaged in any of these industries, the fund determines that the investment will be beneficial to the rural area, the economic growth of this state, and the industry is not assigned a North American Industry Classification System code within sector 51. See Michigan Laws 125.2090l
  • Rural jobs and capital investment fund: means an entity approved by the fund under section 90m that meets all of the following:
    (i) The entity or 1 or more of its affiliates are regulated by the Securities and Exchange Commission and meet either of the following:
    (A) Is a rural business investment company under 7 USC 2009cc or a small business investment company under 15 USC 681. See Michigan Laws 125.2090l
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
    •     (1) A rural jobs and capital investment fund shall submit an annual report to the fund on or before the last day of February of each year until the rural jobs and capital investment fund has exited the program in accordance with this chapter. The annual report shall provide documentation as to the rural jobs and capital investment fund’s growth investments and include all of the following:
        (a) A bank statement evidencing each growth investment.
        (b) The name, location, and industry of each qualified business receiving a growth investment, including either the determination letter set forth in section 90o or evidence that the business was a qualified business at the time the growth investment was made.
        (c) The number of new full-time equivalent employees and the corresponding earned job factor at the qualified business in this state.
        (d) The number of full-time equivalent employees at the qualified business on the date of receipt of the initial growth investment in this state.
        (e) Any other information required by the fund.
        (2) Within 60 days of receipt of an annual report, the fund shall provide written confirmation to the rural jobs and capital investment fund of the new full-time equivalent employees the rural jobs and capital investment fund has been credited for that year.
        (3) By the fifth business day after the third anniversary of the closing date, a rural jobs and capital investment fund shall submit a report to the fund evidencing its compliance with the investment requirements of this chapter.
        (4) The fund may adopt rules necessary to implement this chapter.
        (5) The fund shall submit an annual report to each house of the legislature on or before April 1, 2020. The annual report shall include all of the following:
        (a) The name and number of all the rural jobs and capital investment funds approved to participate in the program.
        (b) The amount of investment authority awarded to each rural jobs and capital investment fund.
        (c) Any investments made by the rural jobs and capital investment funds, including the location of the investments.
        (d) Whether the rural jobs and capital investment funds are in compliance with this chapter.
        (e) Any other information required by the fund.

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