Introduced
by
To expand from four to five the number of refundable, $100 million, capital investment Michigan Business Tax credit agreements that could be entered into with makers of plug-in traction battery packs used in electric cars, the first of which was authorized by a <a href="http://www.michiganvotes.org/2008-hB-6611">2008 law</a>. This bill would authorize an additional $100 million in subsidies. “Refundable” means that the state will send a manufacturer a check for the amount that the credit exceeds the firm’s tax liability.
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 adds a "clawback" provision in which subsidies or tax breaks already collected by the firm could be added back to their future tax bills (if any) if they fail to meet the terms of their specific subsidy agreement.
The substitute passed by voice vote
Passed in the Senate 31 to 3 (details)
Referred to the Committee on New Economy and Quality of Life
