Introduced by Rep. Jim Townsend (D) on April 16, 2015 To require detailed disclosures from state “economic development” agencies about the “refundable” tax credits that were granted to particular firms under the Michigan Economic Growth Authority law (which was repealed in 2011). It was recently revealed that tax breaks and subsidies granted under that law represent a nearly $10 billion unfunded liability that will not be extinguished for nearly 20 years. Under current law, information on which companies were granted these special deals and the terms of their agreements are kept secret. Official Text and Analysis.
Referred to the House Tax Policy Committee on April 16, 2015