2016 Senate Bill 1162

Give multi-million dollar subsidy to AK Steel owners

Introduced in the Senate

Nov. 10, 2016

Introduced by Sen. Jack Brandenburg (R-8)

To revise the state business tax law in a manner that would allow the current owner of the former River Rouge steel plant (AK Steel) to collect refundable tax credits (which are often paid as cash subsidies). According to the House Fiscal Agency this could result in the state giving tens of millions for the company's owners. See also House Bills 5557 and 5558.

Referred to the Committee on Finance

Nov. 30, 2016

Reported without amendment

With the recommendation that the bill pass.

Dec. 8, 2016

Amendment offered by Sen. Jim Stamas (R-36)

The amendment passed by voice vote

Passed in the Senate 31 to 6 (details)

To revise the state business tax law in a manner that would allow the current owner of the former River Rouge steel plant (AK Steel) to collect refundable tax credits (which are often paid as cash subsidies). According to the House Fiscal Agency this could result in the state giving tens of millions for the company's owners.

Received in the House

Dec. 8, 2016

Referred to the Committee on Tax Policy