Introduced
by
To increase the size of certain Michigan Economic Development Authority (MEGA) tax credits granted to certain “high technology” and other firms, and include fringe benefits in the employee compensation on which they are based. The proposed tax credits would be 200 percent the compensation paid to certain employees times the firms business tax rate. The bill would also make new MEGA tax breaks subject to a “clawback” provision, meaning a firm might have to repay all or some of the tax breaks if it fails to meet the employment or investment goals specified in its tax break agreement. See Senate Bill 1115, which makes some of these credits "refundable," meaning the state would write checks if the credit exceeds a firm's tax liablility.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the substitute (S-3) 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 38 to 0 (details)
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 102 to 3 (details)
