Introduced
by
To lower the job retention eligibility criteria for a Single Business Tax (SBT) break under the Michigan Economic Growth Authority (MEGA) program so as to still give a tax break to a particular firm (Federal Mogul) that originally had been granted this after promising to keep at least 150 jobs at a particular facility and 1,000 jobs in the state, but will not meet those particular targets. The new thresholds the bill would place in statute is 100 jobs at the particular facility and 750 jobs in the state. The bill would also broaden the definition of “high technology” activities qualifying a firm for one of these targeted tax breaks.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the substitute (S-3) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that does not revise the job retention criteria, but instead extends Federal Mogul's eligibility for the tax break by lengthening to six years the period within which it is expected to emerge from bankruptcy.
The substitute passed by voice vote
Passed in the Senate 32 to 0 (details)
To extend a tax break to Federal Mogul that originally had been granted this after promising to keep at least 150 jobs at a particular facility and 1,000 jobs in the state, and with the expectation that it would be out of bankruptcy within three years. The bill extends that last to six years.
Referred to the Committee on New Economy and Quality of Life
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 104 to 2 (details)
To extend a tax break to Federal Mogul that originally had been granted this after promising to keep at least 150 jobs at a particular facility and 1,000 jobs in the state, and with the expectation that it would be out of bankruptcy within three years. The bill extends that last to six years.
