Introduced
by
To authorize cash subsidies of up to $10 million for firms selected by political appointees on the board of the state government's “Michigan Strategic Fund,” who would have extensive discretion to hand out these cash subsidies and subsidized loans to particular firms. This “Michigan Community Revitalization Program” would essentially replace subsidies provided through the Michigan Economic Growth Authority (MEGA), and also ones handed out under "brownfields" statutes, which were "open-ended," whereas this program will hand out around $100 million annually (that's the amount appropriated this year).
Referred to the Committee on Economic Development
Reported without amendment
With the recommendation that the substitute (S-2) 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 as previously described.
The substitute passed by voice vote
Passed in the Senate 35 to 1 (details)
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details; this was superseded by a different substitute.
The substitute passed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that gives somewhat less discretion to the Michigan Strategic Fund board regarding which firms gan get the proposed subsidies; requires more transparency and reporting on the performance of the firms getting the subsidies; and limits the number of $10 million subsidies to three per year, plus up to five firms getting $1 million subsidies.
The substitute passed by voice vote
Passed in the House 95 to 11 (details)
To authorize cash subsidies of up to $10 million for firms selected by political appointees on the board of the state government's “Michigan Strategic Fund,” who would have extensive discretion to hand out these cash subsidies and subsidized loans to particular firms. This “Michigan Community Revitalization Program” would essentially replace subsidies provided through the Michigan Economic Growth Authority (MEGA), and also ones handed out under "brownfields" statutes, which were "open-ended," whereas this program will hand out around $100 million annually (that's the amount appropriated this year).
Passed in the Senate 34 to 1 (details)
To concur with the House-passed version of the bill.
