Introduced
by
To require the Department of Treasury to compile and release detailed information, including names and amounts, on the recipients of some $9 billion state “refundable tax credits” that were selectively granted to certain corporations and developers as “economic development” subsidies under a Michigan Economic Growth Authority law ("MEGA"). The credits are essentially cash grants that represent ongoing direct income transfers from state taxpayers to these companies and developers. The Treasury and the state agency in charge of distributing subsidies have asserted that because the handouts are styled as “tax credits,” laws protecting taxpayer confidentiality prohibit them from revealing how much particular companies have collected and stand to collect going forward.
Referred to the Committee on Tax Policy
