Introduced
by
To require that if any money is returned by beneficiaries to the state agency in charge of choosing some corporations and developers to receive selective state grants, loans, cash subsidies, tax credits or other benefits, it must be deposited in the state General Fund, rather than returned to this particular agency (the “Michigan Strategic Fund” and its “Michigan Economic Development Corporation” subsidiary). This refers to repayments that are required on subsidized loans, or money returned because a beneficiary failed to meet the requirements prescribed by conditions of a benefits deal ("clawbacks"), or just because the proposed project did not succeed in the marketplace. This is part of a corporate welfare reform package consisting of Senate Bills 767 to 771 and House Bills 5458 to 5462.
Referred to the Committee on Tax Policy
