State Senate Democrats Push Through Legislation to Reshape Corporate Incentive Fund

LANSING, March 25, 2024 ~ Legislation sponsored by State Sen. Mallory McMorrow (D-Royal Oak) was approved by the State Senate last week that aims to reshape an existing business incentive fund to spur high-wage job growth in Michigan.

The bills would amend the Strategic Outreach and Attraction Reserve (SOAR), which aims to lure big business investments to the state, to require 50% of SOAR funding to be used for community investments, addressing concerns from lawmakers that the fund is a corporate handout. McMorrow told Guy Gordon, Lloyd Jackson, and Jamie Edmonds that, “We have reallocated 50% of the overall dollars that we allocate to sort. That’s up to $250,000,000 back into community investments for things like transit, childcare, and housing that are designed to spur economic development by supporting people in those communities.”