Introduced
by
To prohibit state economic development officials from modifying one of the agreements entered with a relative handful of large companies mostly in the late 2000s that granted them up to $9 billion worth of state taxpayer subsidies (styled as “refundable business tax credits”) over a 20 year period. Specifically, the agreements could not be changed in a way that increases the payouts or extends them. However, the bill makes an exception for subsidies granted to Federal Mogul company in the 2000s, so that the company that bought the firm in 2018 (Tenneco) can collect additional subsidies on a Michigan facility said to be worth around $12 million, on top of some $60 million already given to the owners of this facility over the years.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
Substitute offered
To adopt a substitute version of the bill that instead of limiting the expansion of corporate subsidies granted to certain companies years ago in ways that would add to the burden these place on taxpayers, would allow one of these deals to be extended to the new owner of one of these corporate beneficiaries.
The substitute passed by voice vote
Passed in the House 106 to 3 (details)
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 31 to 6 (details)
To prohibit state economic development officials from modifying one of the agreements entered with a relative handful of large companies mostly in the late 2000s that granted them up to $9 billion worth of state taxpayer subsidies (styled as “refundable business tax credits”) over a 20 year period. Specifically, the agreements could not be changed in a way that increases the payouts or extends them. However, the bill makes an exception for subsidies granted to Federal Mogul company in the 2000s, so that the company that bought the firm in 2018 (Tenneco) can collect additional subsidies on a Michigan facility said to be worth around $12 million, on top of some $60 million already given to the owners of this facility over the years.
