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2009 Senate Bill 493: Revise “anchor company” business subsidies

Public Act 160 of 2009

Introduced by Sen. Jason Allen (R) on April 30, 2009
To expand and revise details of the refundable tax credits (cash subsidies) for “anchor” companies. In addition to other revisions, the bill would allow "anchor" companies to claim tax breaks on the basis of supplier or customer companies payrolls. This refers to a 2008 law“ granted “refundable” tax credits (cash subsidies) to certain high technology businesses designated as “anchor companies.” The credit is based on the payroll attributed to other companies that locate in Michigan because of the "anchor company's" high tech processes or products.   Official Text and Analysis.
Referred to the Senate Commerce & Tourism Committee on April 30, 2009
Reported in the Senate on June 11, 2009
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Amendment offered by Sen. Mark Jansen (R) on June 18, 2009
To require the Michigan Economic Growth Authority to provide annual reports to the legislature containing certain details of the basis on which these subsidies are calculated.
The amendment passed by voice vote in the Senate on June 18, 2009
Received in the House on June 23, 2009
Referred to the House Natural Resources, Tourism, and Outdoor Recreation Committee on June 23, 2009
Reported in the House on July 28, 2009
Without amendment and with the recommendation that the bill pass.
To expand and revise details of the refundable tax credits (cash subsidies) for “anchor” companies. In addition to other revisions, the bill would allow "anchor" companies to claim tax breaks on the basis of supplier or customer companies payrolls. This refers to a 2008 law that granted “refundable” tax credits (cash subsidies) to certain high technology businesses designated as “anchor companies.” The credit is based on the payroll attributed to other companies that locate in Michigan because of the "anchor company's" high tech processes or products.
Signed by Gov. Jennifer Granholm on December 11, 2009

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