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2021 House Bill 4979: Ban device to boost corporate welfare payments
Introduced by Rep. Steven Johnson (R) on June 9, 2021
To prohibit the state department in charge of giving selective subsidies to certain corporations and developers, called the “Michigan Strategic Fund,” from designating a property as a tax exempt “renaissance zone” unless it is located entirely in an “eligible distressed area” as defined in a state housing law. The device of designating the facility of a company already getting selective business tax reductions as a Renaissance Zone has been used many times to convert these tax breaks into outright cash subsidies estimated to cost state taxpayers as much as $9 billion over 20 years.   Official Text and Analysis.
Referred to the House Commerce and Tourism Committee on June 9, 2021