2013 Senate Bill 271 / 2014 Public Act 506

Revise corporate and developer subsidy regime

Introduced in the Senate

March 19, 2013

Introduced by Sen. Virgil Smith (D-4)

To increase maximum amount of state “community revitalization” grants (formerly “brownfield” and “historic preservation” tax credits) that can be awarded to a particular developer, corporation or other special interest from $1 million to $2.5 million; allow four annual loans of up to $20 million each to particular interests for this purpose; and in general, remove various statutory prescriptions and restrictions on how the political appointees on the Michigan Strategic Fund board may spend state revenues allocated to this program.

Referred to the Committee on Economic Development

March 21, 2013

Reported without amendment

With the recommendation that the bill pass.

June 12, 2013

Substitute offered

The substitute passed by voice vote

June 13, 2013

Passed in the Senate 36 to 2 (details)

To increase the maximum amount of state “community revitalization” subsidies that can be awarded to a particular developer, corporation or other special interest, from $1 million to $2.5 million. The bill would also eliminate various statutory prescriptions and restrictions on how the political appointees on the Michigan Strategic Fund board may spend state revenues allocated to this subsidy program, and also delete certain disclosure and reporting requirements.

Received in the House

June 13, 2013

Referred to the Committee on Commerce

Dec. 4, 2013

Reported without amendment

With the recommendation that the substitute (H-4) be adopted and that the bill then pass.

Dec. 18, 2014

Passed in the House 83 to 25 (details)

To increase the maximum amount of state “community revitalization” subsidies that can be awarded to a particular developer, corporation or other special interest, from $1 million to $1.5 million, plus up to three additonal subsidies of up to $10 million. The bill would also eliminate various statutory prescriptions and restrictions on how the political appointees on the Michigan Strategic Fund board may spend state revenues allocated to this subsidy program.

Received in the Senate

Dec. 18, 2014

Dec. 19, 2014

Passed in the Senate 30 to 8 (details)

To concur with the House-passed version of the bill.

Signed by Gov. Rick Snyder

Dec. 31, 2014