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2012 Senate Bill 985: Authorize $900 million state borrowing from insurance companies
Introduced by Sen. Mike Kowall R-White Lake on February 29, 2012
To grant a 10 percent tax break to insurance companies that “pre-pay” future years’ state business tax. This bill and Senate Bills 986 and 987 appear to authorize $900 million in state government borrowing from insurance companies, arranged in the form of a discounted corporate tax prepayment.   Official Text and Analysis.
Referred to the Senate Finance Committee on February 29, 2012