Introduced
by
To authorize a $100 million refundable Michigan Business Tax credit and other subsidies that would go to a subsidiary of the Korea-based LG Chem battery company for a plant in Michigan. The bill increases and adds a fourth beneficiary for the subsidies authorized by a <a href="http://www.michiganvotes.org/2008-hB-6611">2008 law</a>, further expanded by <a href="http://www.michiganvotes.org/2009-hB-4505">2009 law</a>. The 2008 law authorized various subsidies estimated at $335 million over seven years. This bill would add an additional $145 million to that. “Refundable” means that the state will send a manufacturer a check for the amount that the credit exceeds the firm’s tax liability.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 36 to 0 (details)
Referred to the Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 102 to 6 (details)
To authorize a $100 million refundable Michigan Business Tax credit and other subsidies that would go to a subsidiary of the Korea-based LG Chem battery company for a plant in Michigan. The bill increases and adds a fourth beneficiary for the subsidies authorized by a <a href="http://www.michiganvotes.org/2008-hB-6611">2008 law</a>, further expanded by <a href="http://www.michiganvotes.org/2009-hB-4505">2009 law</a>. The 2008 law authorized various subsidies estimated at $335 million over seven years. This bill would add an additional $145 million to that. “Refundable” means that the state will send a manufacturer a check for the amount that the credit exceeds the firm’s tax liability.
