Introduced by Rep. Jim Runestad R-White Lake on June 11, 2015
To require the Department of Treasury to notify the legislature of the number of claimants for tax credits granted under the Michigan Economic Growth Authority law (which was repealed in 2011), listed by size of the final liability to the state and the amount of foregone taxes attributable to particular firms. It was recently revealed that tax breaks and subsidies granted under this program represent a nearly $10 billion unfunded liability that will not be extinguished almost nearly 20 years. Under current law, information on which companies were granted these special deals and the terms of their agreements is kept secret. Official Text and Analysis.
Referred to the House Tax Policy Committee on June 11, 2015