Public Act 26 of 2009

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• Introduced by Sen. Wayne Kuipers (R) on April 23, 2009, to authorize a $100 million refundable Michigan Business Tax credit and other subsidies that would go to a subsidiary of the Korea-based LG Chem battery company for a plant in Michigan. The bill increases and adds a fourth beneficiary for the subsidies authorized by a 2008 law, further expanded by 2009 law. The 2008 law authorized various subsidies estimated at $335 million over seven years. This bill would add an additional $145 million to that. “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 Senate Commerce & Tourism Committee on April 23, 2009.
    • Reported in the Senate on April 29, 2009, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
  • Substitute offered in the Senate on April 29, 2009, to replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described. The substitute passed in the Senate by voice vote on April 29, 2009.
• Passed in the Senate (36 to 0) on April 30, 2009. [Vote Details and Comments]
• Received in the House on April 30, 2009.
  • Referred to the House Tax Policy Committee on April 30, 2009.
    • Reported in the House on May 6, 2009, without amendment and with the recommendation that the bill pass.
• Passed in the House (102 to 6) on May 7, 2009, to authorize a $100 million refundable Michigan Business Tax credit and other subsidies that would go to a subsidiary of the Korea-based LG Chem battery company for a plant in Michigan. The bill increases and adds a fourth beneficiary for the subsidies authorized by a 2008 law, further expanded by 2009 law. The 2008 law authorized various subsidies estimated at $335 million over seven years. This bill would add an additional $145 million to that. “Refundable” means that the state will send a manufacturer a check for the amount that the credit exceeds the firm’s tax liability. [Vote Details and Comments]
• Signed by Gov. Jennifer Granholm on May 12, 2009.