Introduced
by
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).
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Amendment offered
by
To require more detailed disclosure of the performance of benefit recipients in expanding employment.
The amendment passed by voice vote
Passed in the House 107 to 0 (details)
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.
Referred to the Committee on Economic Development
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
by
To require the proposed reports to also report whether subsidized loans are being paid on time.
The amendment passed by voice vote
Passed in the Senate 37 to 0 (details)
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.
Amendment offered
by
To also require the disclosures to report the interest rate of subsidized loans.
The amendment passed by voice vote
Passed in the House 108 to 1 (details)
To concur with the Senate-passed version of the bill, after adding an amendment.
Passed in the Senate 38 to 0 (details)
To concur with the Senate-passed version of the bill.
