Vote Smart's Synopsis:

Vote to pass a bill that prohibits The People's Republic of China, The Russian Federation, The Islamic Republic of Iran, The Democratic People's Republic of Korea, The Republic of Cuba, The Venezuelan Regime of Nicolas Maduro, and the Syrian Arab Republic from receiving public financial support from the State of Michigan.

Highlights:

• Defines "Foreign Entity” as an entity that is (Sec. 7c): 

• Owned or controlled by the government of a foreign country of concern;

• Organized under the laws of or having its principal place of business in a foreign country of concern; 

• A subsidiary of an entity owned or controlled by the government of a foreign country of concern; or 

• A subsidiary of an entity organized under the laws of or having its principal place of business in a foreign country of concern. 

• Defines "Foreign Country of Concern” as any of the following countries (Sec. 7c): 

• The People’s Republic of China;

• The Russian Federation;

• The Islamic Republic of Iran;

• The Democratic People’s Republic of Korea;

• The Republic of Cuba;

• The Venezuelan Regime of Nicolas Maduro (Also known as the Bolivarian Republic of Venezuela); or

• The Syrian Arab Republic. 

• Prohibits the Michigan Strategic Fund from knowingly agreeing an economic incentive with a foreign entity (Sec. 7c). 

• Requires the Michigan Strategic Fund to require the recipient or applicant to provide the fund with an affidavit signed under the penalty of perjury attesting that the recipient or applicant is not a foreign entity (Sec. 7c). 

• Requires a person or government entity that receives an economic incentive or is responsible for distributing an economic incentive to meet both of the following requirements (Sec. 7c): 

• The person or government entity shall not knowingly distribute an economic incentive to, or for the benefit of, a foreign entity; and 

• The person or government entity shall require the entity to which the government incentive is distributed, or for whose benefit it is used, to sign an affidavit previously described and to distribute that affidavit to the Michigan Strategic Fund.

Full Bill Text