Introduced
by
To extend the Dec. 31, 2003 sunset of the Michigan Economic Growth Authority (MEGA) until Dec. 31, 2009. MEGA is authorized to grant tax credits to companies that promise (but are not required to guarantee) to create or retain a certain number of jobs. The bill would add a provision requiring a Department of Treasury audit of whether the promised new jobs have been delivered.
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Substitute offered
by
To replace the previous version of the bill with one which incorporates technical changes that do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Amendment offered
by
To strip out a provision requiring a MEGA beneficiary firm to provide an annual independent audit showing whether the new jobs it promised have been delivered, and instead only require the audit if requested by the Michigan Economic Development Corporation (MEDC).
The amendment passed by voice vote
Passed in the House 104 to 1 (details)
To extend the Dec. 31, 2003 sunset of the Michigan Economic Growth Authority (MEGA) until Dec. 31, 2009. MEGA is authorized to grant tax credits to companies that promise (but are not required to guarantee) to create or retain a certain number of jobs. The bill would add a provision requiring a MEGA beneficiary firm to provide an independent audit if requested by the Michigan Economic Development Corporation (MEDC), showing whether the new jobs it promised have been delivered. It would also create new, retroactive tax credits for a “distressed business,” defined as a business with 150 or more employees who laid off more than 30 percent of its employees during a consecutive two-year period during the last four years.
Referred to the Committee on Commerce and Labor
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
To extend the Dec. 31, 2003 sunset of the Michigan Economic Growth Authority (MEGA) until Dec. 31, 2009. MEGA is authorized to grant tax credits to companies that promise (but are not required to guarantee) to create or retain a certain number of jobs. The bill would add a provision requiring a MEGA beneficiary firm to provide an independent audit if requested by the Michigan Economic Development Corporation (MEDC), showing whether the new jobs it promised have been delivered. It would also create new, retroactive tax credits for a “distressed business,” defined as a business with 150 or more employees who laid off more than 30 percent of its employees during the last four years.
