Introduced
by
To lower the number of jobs an existing firm must promise to retain to be eligible for a Michigan Economic Development Authority (MEGA) tax break. Also, to authorize a “generic” Michigan Economic Development Authority (MEGA) tax credit category that is not bound by the specific eligibility requirements specified in other sections of the law, thereby giving the MEGA board greater discretion in granting these tax breaks to particular firms it selects. The bill would also make new MEGA tax breaks subject to a “clawback” provision, meaning the firm might have to repay all or some of the tax breaks if it moves full time jobs out of the state during a period specified in its tax break agreement.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the substitute (S-3) be adopted and that the bill then pass.
Substitute offered
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
Passed in the Senate 37 to 1 (details)
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 98 to 7 (details)
To lower the number of jobs an existing firm must promise to retain to be eligible for a Michigan Economic Development Authority (MEGA) tax break. Also, to authorize a “generic” Michigan Economic Development Authority (MEGA) tax credit category that is not bound by the specific eligibility requirements specified in other sections of the law, thereby giving the MEGA board greater discretion in granting these tax breaks to particular firms it selects. The bill would also make new MEGA tax breaks subject to a “clawback” provision, meaning the firm might have to repay all or some of the tax breaks if it moves full time jobs out of the state during a period specified in its tax break agreement.
