2010 Senate Bill 1498

Convert low grade hematite iron ore tax breaks into subsidies

Introduced in the Senate

Sept. 15, 2010

Introduced by Sen. Michael Prusi (D-38)

To make the Michigan Business Tax credits granted for low grade hematite iron ore mining operations “assignable,” which means they can be sold for cash. Essentially this converts these tax breaks into an outright cash subsidy.

Referred to the Committee on Finance