Introduced
by
To extend the Dec. 31, 2003 sunset of the Michigan Economic Growth Authority (MEGA) until Dec. 31, 2009. MEGA is authorized to grant tax credits to companies that promise (but are not required to guarantee) to create or retain a certain number of jobs. The bill would add a provision requiring a Department of Treasury audit of whether the promised new jobs have been delivered.
Referred to the Committee on Commerce and Labor
Reported without amendment
With the recommendation that the bill pass.
Substitute offered
To replace the previous version of the bill with one which incorporates technical changes, and which was amended to eliminate a provision requiring the Department of Treasury to audit whether the new jobs promised by a MEGA beneficiary firm have been delivered, and instead require the beneficiary to provide an independent audit containing the information.
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
To extend the Dec. 31, 2003 sunset of the Michigan Economic Growth Authority (MEGA) until Dec. 31, 2009. MEGA is authorized to grant tax credits to companies that promise (but are not required to guarantee) to create or retain a certain number of jobs. The bill would add a provision requiring a MEGA beneficiary firm to provide an independent audit each year showing whether the new jobs it promised have been delivered.
Referred to the Committee on Commerce
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Substitute offered
by
To replace the previous version of the bill with one which adds new, retroactive tax credits for a “distressed business,” defined as a business with 150 or more employees who laid off more than 30 percent of its employees during a consecutive two-year period during the last four years.
The substitute passed by voice vote
Amendment offered
by
To strip out a provision requiring a MEGA beneficiary firm to provide an annual independent audit showing whether the new jobs it promised have been delivered, and instead only require the audit if requested by the Michigan Economic Development Corporation (MEDC).
The amendment passed by voice vote
Passed in the House 103 to 2 (details)
To extend the Dec. 31, 2003 sunset of the Michigan Economic Growth Authority (MEGA) until Dec. 31, 2009. MEGA is authorized to grant tax credits to companies that promise (but are not required to guarantee) to create or retain a certain number of jobs. The bill would add a provision requiring a MEGA beneficiary firm to provide an independent audit if requested by the Michigan Economic Development Corporation (MEDC), showing whether the new jobs it promised have been delivered.
Passed in the Senate 38 to 0 (details)
To concur with the House-passed version of the bill.
