Referred to the Senate Finance Committee on March 19, 2009
Reported in the Senate on June 9, 2009
With the recommendation that the bill pass.
Substitute offered in the Senate on October 8, 2009
To adopt a version of the bill that uses it as a "vehicle" for suspending a scheduled increase in the value of the EITC.
The substitute passed by voice vote in the Senate on October 8, 2009
Amendment offered by Sen. Nancy Cassis (R) on October 8, 2009
To tie-bar the bill to Senate Bills 838 and 884, meaning this bill cannot become law unless those ones do also. They would reduce the Michigan Business Tax surcharge, slighty reduce the value of film production subsidies, and authorize a "tax amnesty" period.
To eliminate an increase in the earned income tax credit, which under current statute will go from 10 percent to 20 percent of the federal EITC for the 2009 tax year. The EITC is a refundable credit (or “reverse income tax”) for low income workers. It is estimated that the increase add $160 million to the current budget shortfall. The bill authorizes phasing in an increase over four years.