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2013 House Bill 4480: Require more detailed reports on corporate subsidy costs & outcomes

Public Act 503 of 2014

Introduced by Rep. Tom Leonard (R) on March 20, 2013 To require the Michigan Strategic Fund and the Michigan Economic Development Corporation to annually submit more detailed reports on the costs and outcomes generated by their various “economic development” loan, tax break and subsidy programs targeted at specific corporations, developers or industries. Also, to give these agencies' "compliance officer" the new duty of establishing procedures that would screen out applicants for selective tax breaks and subsidies who have a record of unethical or illegal behavior (a proposal first offered in 2010 after news reports exposed the MEDC authorizing a $9 million subsidy to a convicted embezzler).   Official Text and Analysis.
Referred to the House Commerce Committee on March 20, 2013
Reported in the House on December 4, 2013 With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Amendment offered by Rep. Tom McMillin (R) on November 12, 2014 To require more detailed disclosure of the performance of benefit recipients in expanding employment.
The amendment passed by voice vote in the House on November 12, 2014
Passed 107 to 0 in the House on November 13, 2014 To require the Michigan Strategic Fund and the Michigan Economic Development Corporation to annually submit and post online more detailed reports on the costs and outcomes generated by their various “economic development” loan, tax break and subsidy programs targeted at specific corporations, developers or industries.
Received in the Senate on December 2, 2014
Referred to the Senate Economic Development Committee on December 2, 2014
Reported in the Senate on December 4, 2014 With the recommendation that the bill pass.
Amendment offered by Sen. Mike Kowall (R) on December 17, 2014 To require the proposed reports to also report whether subsidized loans are being paid on time.
The amendment passed by voice vote in the Senate on December 17, 2014
Passed 37 to 0 in the Senate on December 17, 2014 (same description)
To require the Michigan Strategic Fund and the Michigan Economic Development Corporation to annually submit and post online more detailed reports on the costs and outcomes generated by their various “economic development” loan, tax break and subsidy programs targeted at specific corporations, developers or industries.
Received in the House on December 17, 2014
Amendment offered by Rep. Jon Switalski (D) on December 18, 2014 To also require the disclosures to report the interest rate of subsidized loans.
The amendment passed by voice vote in the House on December 18, 2014
Passed 108 to 1 in the House on December 18, 2014 To concur with the Senate-passed version of the bill, after adding an amendment .
Received in the Senate on December 18, 2014
Passed 38 to 0 in the Senate on December 18, 2014 To concur with the Senate-passed version of the bill.
Signed by Gov. Rick Snyder on January 10, 2015

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