Introduced
by
To prohibit the state department in charge of giving selective subsidies to certain corporations and developers, called the “Michigan Strategic Fund,” from designating a property as a tax exempt “renaissance zone” unless it is located entirely in an “eligible distressed area” as defined in a state housing law. The device of designating the facility of a company already getting selective business tax reductions as a Renaissance Zone has been used many times to convert these tax breaks into outright cash subsidies estimated to cost state taxpayers as much as $9 billion over 20 years.
Referred to the Committee on Commerce and Tourism
