The previous post said it all, but I only have one additional question...
How many thousands of jobs will this subsidy help create?
We are told that the purpose of tax subsidies, like the one afforded Michigan International Speedway, is to provide incentive for private enterprises to invest in their businesses, to bolster the state economy. The taxpaying pubic at large supposedly will benefit from expanded employment opportunities and an expanded tax base.
In this case, evidently MIS has not met its investment obligation -- in effect reneged on the deal. This proposal would extend the subsidy. That kicks it over into the corporate welfare category. This bill should not pass. From here on out let MIS carry the burden of its own expansion and facilities improvements, rather than shift the burden to Michigan taxpayers and their State, who and which can ill afford it.
$1.5? Why not?