Introduced
by
To extend to the end of 2007 the sunset on brownfield redevelopment single business tax (SBT) credits, and make various revisions expanding the state’s authority to offer credits, and broadening a firm’s ability to use them. The bill allows the Michigan Economic Growth Authority (MEGA) to "carry forward" unused brownfield SBT credits to succeeding years. MEGA is now authorized to hand out up to 15 credits of more than $1 million, but may not "carry forward" any such credits it does not hand out.
Referred to the Committee on Tax Policy
Passed in the House 103 to 0 (details)
Referred to the Committee on Economic Development, International Trade, and Regulatory Affairs
Amendment offered
To strip out the provision allowing the Michigan Economic Growth Authority (MEGA) to "carry forward" unused brownfield SBT credits to succeeding years.
The amendment passed by voice vote
Amendment offered
by
Consideration postponed
Substitute offered
by
To replace the previous version of the bill with one containing technical changes that do not affect its substance as previously described, amended to require multi-phase projects receiving MEGA SBT credits must be completed within 10 years. Note: A vote on this substitute also had the effect of killing an alternative substitute which would have given school districts a voice in approving brownfield projects which could reduce local tax revenues. Some Senators contended that this would have give schools a "veto" on new brownfield projects.
The substitute passed by voice vote
Passed in the Senate 32 to 0 (details)
To extend to the end of 2007 the sunset on brownfield redevelopment single business tax (SBT)credits, and make various revisions expanding the state’s authority to offer credits, and broadening a firm’s ability to use them. Multi-phase projects would receive credits in increments, creating a tax-incentive for completion. The bill allows the Michigan Economic Growth Authority (MEGA) to "carry forward" unused brownfield SBT credits to succeeding years. MEGA is now authorized to hand out up to 15 credits of more than $1 million, but may not "carry forward" any such credits it does not hand out.
Passed in the House 98 to 0 (details)
To concur with the Senate-passed version of the bill.
