2003 House Bill 5246 ↩

Senate Roll Call 656: Passed

To extend the Dec. 31, 2003 sunset of the Michigan Economic Growth Authority (MEGA) until Dec. 31, 2009. MEGA is authorized to grant tax credits to companies that promise (but are not required to guarantee) to create or retain a certain number of jobs. The bill would add a provision requiring a MEGA beneficiary firm to provide an independent audit if requested by the Michigan Economic Development Corporation (MEDC), showing whether the new jobs it promised have been delivered. It would also create new, retroactive tax credits for a “distressed business,” defined as a business with 150 or more employees who laid off more than 30 percent of its employees during the last four years.