In This Issue:
- Gov. Whitmer Executive Budget FY24
- I-496 Construction Update
- The Corporate Transparency Act Explained
- 2023 LRCC Policy Priority Focus Areas
Gov. Whitmer Executive Budget FY24
Governor Whitmer and Budget Director Chris Harkins presented the governor’s executive budget recommendations for the 2023-24 fiscal year. The proposed budget is $79 billion. Of the $79.4 billion in proposed spending, $14.8 billion would be in the General Fund and $19 billion in the School Aid Fund. For the General Fund, spending would drop by 2.9 percent from the current fiscal year.
Among the budget’s highlights:
- $280.5 million for water infrastructure projects ($30.5 million General Fund);
- $225.8 million General Fund for lead service line replacement plus $100 million General Fund to assure the quality and safety of Michigan drinking water.
- A $120.7 million increase in Medicaid reimbursement rates.
- A $30 million General Fund increase in base funding to local public health departments.
- $500 million annually for the Strategic Outreach and Attraction Reserve Fund through an earmark from the Corporate Income Tax if CIT collections exceed $1.3 billion (the Legislature may vote today to amend the Income Tax Act to set up the earmark);
- $150 million to attract and establish a Michigan-based manufacturing facility to make insulin.
- $140 million to lower the eligibility age for the Michigan Reconnect program.
- A 5 percent increase in K-12 per pupil funding
- A 4 percent across-the-board increase in operational funding for the state’s 15 public universities.
- A 4 percent increase to the state’s 28 community colleges distributed through the funding formula.
- $724.4 million for the governor’s proposals to increase math interventions and other tutoring programs.
- $900 million into a rainy-day fund for schools; and $500 million for school infrastructure
All of the documents pertaining to the Governor’s Budget are available here.
I-496 Construction Update
The Michigan Department of Transportation provided a virtual construction update at a recent Greater Lansing Convention & Visitors Bureau meeting. The I-496 project is an $80 million investment in rebuilding 2 miles from Lansing Road to the Grand River. The PowerPoint presentation is here.
The Corporate Transparency Act Explained
During the most recent LRCC Policy & Regulatory Education Series, Foster Swift attorney Robert Hamor, provided guidance on the Corporate Transparency Act (CTA). Passed by Congress on January 1, 2021, CTA is set to dramatically change reporting requirements for many small and medium-sized businesses and organizations.
For the first time ever, the legislation will mandate that qualifying businesses self-report information about the people who created, own, lead, or have influence over them, as well as information about the business itself. All the information will be added to a federally managed database with criminal penalties for violations. Questions on how this law will impact you can be directed to Robert A. Hamor Attorney Foster Swift Collins & Smith PC at firstname.lastname@example.org or 248.785.4737.
A recording of the presentation is available here.
2023 LRCC Policy Priority Focus Areas
The LRCC serves as the voice of business for the Greater Lansing region. Our public affairs team is focused on leading advocacy efforts to strengthen the business environment in our region and enhance our community while keeping you connected and advocating on your behalf.
Below are the 2023 policy priority focus areas that the LRCC’s public affairs team will be engaged in throughout the year:
- Economic Development & Job Creation
- Talent and Education (K-12, higher education, professional trades)
- Regional infrastructure
- Healthcare accessibility and affordability
- Public Safety
- Taxation | Government Regulations
As we continue to work relentlessly on the policies impacting your business, please get in touch with our public affairs team if you have specific issues that you want our staff to review.. Contact Steve Japinga, Senior Vice President of Public Affairs, LRCC at email@example.com or 517-853-6467.