A bill to amend 1984 PA 270, entitled “Michigan strategic fund act,” (MCL 125.2001 to 125.2094) by adding sections 90v and 90w to chapter 8F.
House Bills 579-581 would allow select businesses to collect the income tax withheld from their employees’ paychecks. The companies that receive deals can keep collecting taxes for up-to ten years. This legislation authorizes up to $2.875 billion in deals to be awarded. The program had been in operation from 2017 to 2019 (labeled Good Jobs for Michigan) and did not live up to expectations. Supporters claimed that it would create thousands of jobs. Administrators made only six deals over the life of the program. Despite over five years to produce results, only one of the companies that had received a deal had created any jobs, according to the latest state report. This package of bills resurrects the business incentive and rebrands it as HIRE in Michigan.
Introduced
by
Referred to the Committee on Economic and Community Development
Reported with substitute S-1
Referred to the Committee of the Whole
Reported with substitute S-1
Substitute S-1 concurred in by voice vote
Substitute S-2 offered
by
The substitute passed by voice vote
Passed in the Senate 20 to 15 (details)
Referred to the Committee on Economic Development and Small Business
