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Legislation watch
2021 Senate Bill 437: Extend deadline on a particular developer’s subsidy
Public Act 27 of 2021
Introduced by Sen. Wayne Schmidt R-Traverse City on May 12, 2021
To give a deadline extension to a particular developer who was granted a $10 million state income tax "credit" for a project in Detroit to be completed within a specified time period. Without this bill the developer would not get the tax credit, which also makes him eligible for an $8.5 million check from the state Treasury because 85% of this "credit" is "refundable," meaning it's payable in cash. Official Text and Analysis.
Referred to the Senate Economic and Small Business Development Committee on May 12, 2021
Reported in the Senate on May 25, 2021
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Received in the House on June 3, 2021
Referred to the House Tax Policy Committee on June 3, 2021
Reported in the House on June 9, 2021
Without amendment and with the recommendation that the bill pass.
To give a deadline extension to a particular developer who was granted a $10 million state income tax "credit" for a project in Detroit to be completed within a specified time period. Without this bill the developer would not get the tax credit, which also make him eligible for an $8.5 million check from the state Treasury, because 85% of this "credit" is "refundable," meaning payable in cash.
Signed by Gov. Gretchen Whitmer on June 15, 2021