2009 Senate Bill 466 ↩
House Roll Call 219:
To authorize a $100 million refundable Michigan Business Tax credit and other subsidies that would go to a subsidiary of the Korea-based LG Chem battery company for a plant in Michigan. The bill increases and adds a fourth beneficiary for the subsidies authorized by a <a href="http://www.michiganvotes.org/2008-hB-6611">2008 law</a>, further expanded by <a href="http://www.michiganvotes.org/2009-hB-4505">2009 law</a>. The 2008 law authorized various subsidies estimated at $335 million over seven years. This bill would add an additional $145 million to that. “Refundable” means that the state will send a manufacturer a check for the amount that the credit exceeds the firm’s tax liability.