Introduced by Sen. John Pappageorge (R) on March 3, 2009
To expand from one to three the number of refundable, $100 million, capital investment Michigan Business Tax credit agreements that could be entered into with makers of plug-in traction battery packs used in electric cars, which were authorized by a 2008 law. That law authorized additional credits for research and development expenses, with total subsidies estimated at $335 million over seven years. This bill would authorize an additional $200 million in subsidies. “Refundable” means that the state will send a manufacturer a check for the amount that the credit exceeds the firm’s tax liability. Official Text and Analysis.
Referred to the Senate Commerce & Tourism Committee on March 3, 2009
Reported in the Senate on March 5, 2009
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered in the Senate on March 5, 2009
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote in the Senate on March 5, 2009