Introduced
by
To increase maximum amount of state “community revitalization” grants (formerly “brownfield” and “historic preservation” tax credits) that can be awarded to a particular developer, corporation or other special interest from $1 million to $2.5 million; allow four annual loans of up to $20 million each to particular interests for this purpose; and in general, remove various statutory prescriptions and restrictions on how the political appointees on the Michigan Strategic Fund board may spend state revenues allocated to this program.
Referred to the Committee on Economic Development
Reported without amendment
With the recommendation that the bill pass.
Substitute offered
The substitute passed by voice vote
Passed in the Senate 36 to 2 (details)
To increase the maximum amount of state “community revitalization” subsidies that can be awarded to a particular developer, corporation or other special interest, from $1 million to $2.5 million. The bill would also eliminate various statutory prescriptions and restrictions on how the political appointees on the Michigan Strategic Fund board may spend state revenues allocated to this subsidy program, and also delete certain disclosure and reporting requirements.
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-4) be adopted and that the bill then pass.
Passed in the House 83 to 25 (details)
To increase the maximum amount of state “community revitalization” subsidies that can be awarded to a particular developer, corporation or other special interest, from $1 million to $1.5 million, plus up to three additonal subsidies of up to $10 million. The bill would also eliminate various statutory prescriptions and restrictions on how the political appointees on the Michigan Strategic Fund board may spend state revenues allocated to this subsidy program.
Passed in the Senate 30 to 8 (details)
To concur with the House-passed version of the bill.
