Introduced
by
To prohibit the Michigan Economic Development Corporation’s (MEDC) from making grants to selected companies unless the grant program has specific goals and performance measures, and provides for oversight, independent verification, and evaluation of the goals. Grant recipients would have to agree in writing to abide by all the terms of the grant, and would be liable for repayment in proportion to the extent that goals were not met, as determined by the MEDC. The bill would also require MEDC to report annually to the legislature on the amount of all abatements, grants, tax credits, or tax exemptions provided by the state and local governments to particular companies. The report would include the total number of new jobs created as a result of the benefits; the total amount of new capital attracted by the benefits; the name of all companies or other entities receiving the benefits, the amount they get, and the number of jobs they create; and whether each such company or other entity is in full compliance with the law authorizing a specific benefit.
Referred to the Committee on Commerce
