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Legislation watch
2013 Senate Bill 271: Revise corporate and developer subsidy regime
Public Act 506 of 2014
Introduced by Sen. Virgil Smith D-Detroit on March 19, 2013
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. Official Text and Analysis.
Referred to the Senate Economic Development Committee on March 19, 2013
Reported in the Senate on March 21, 2013
With the recommendation that the bill pass.
Substitute offered in the Senate on June 12, 2013
The substitute passed by voice vote in the Senate on June 12, 2013
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 on June 13, 2013
Referred to the House Commerce Committee on June 13, 2013
Reported in the House on December 4, 2013
With the recommendation that the substitute (H-4) be adopted and that the bill then pass.
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 on December 18, 2014
To concur with the House-passed version of the bill.
Signed by Gov. Rick Snyder on January 10, 2015