HB-5977, As Passed Senate, December 19, 2008

SENATE SUBSTITUTE FOR

HOUSE BILL NO. 5977

     A bill to amend 1995 PA 24, entitled

"Michigan economic growth authority act,"

by amending section 6 (MCL 207.806), as amended by 2008 PA 262.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 6. The authority shall have powers necessary or

convenient to carry out and effectuate the purpose of this act,

including, but not limited to, the following:

     (a) To authorize eligible businesses to receive tax credits to

foster job creation in this state.

     (b) To determine which businesses qualify for tax credits

under this act.

     (c) To determine the amount and duration of tax credits

authorized under this act.

     (d) To issue certificates and enter into written agreements

specifying the conditions under which tax credits are authorized

and the circumstances under which those tax credits may be reduced

or terminated.

     (e) To charge and collect reasonable administrative fees.

     (f) To delegate to the chairperson of the authority, staff, or

others the functions and powers it considers necessary and

appropriate to administer the programs under this act.

     (g) To assist an eligible business to obtain the benefits of a

tax credit, incentive, or inducement program provided by this act

or by law.

     (h) To determine the eligibility of and issue certificates to

certain qualified taxpayers for credits allowed under former

section 38g(3) of 1975 PA 228 and section 431 of the Michigan

business tax act, 2007 PA 36, MCL 208.1431, and to develop the

application process and necessary forms to claim the credit under

former section 38g(3) of 1975 PA 228 and section 431 of the

Michigan business tax act, 2007 PA 36, MCL 208.1431. The Michigan

economic growth authority annually shall prepare and submit to the

house of representatives and senate committees responsible for tax

policy and economic development issues a report on the credits

under former section 38g(3) of 1975 PA 228 and section 431 of the

Michigan business tax act, 2007 PA 36, MCL 208.1431. The report

shall include, but is not limited to, all of the following:

     (i) A listing of the projects under former section 38g(3) of

1975 PA 228 and section 431 of the Michigan business tax act, 2007

PA 36, MCL 208.1431, that were approved in the previous calendar

year.

     (ii) The total amount of eligible investment approved under

former section 38g(3) of 1975 PA 228 and section 431 of the

Michigan business tax act, 2007 PA 36, MCL 208.1431, in the

previous calendar year.

     (i) To approve the capture of school operating taxes and work

plans as provided in sections 13 and 15 of the brownfield

redevelopment financing act, 1996 PA 381, MCL 125.2663 and

125.2665.

     (j) To determine the eligibility of and issue certificates to

certain qualified taxpayers for credits allowed under section 407

of the Michigan business tax act, 2007 PA 36, MCL 208.1407.

     (k) To determine the eligibility of and issue certificates to

certain taxpayers for credits allowed under sections 431a and 431b

of the Michigan business tax act, 2007 PA 36, MCL 208.1431a and

208.1431b.

     (l) To determine the eligibility of and issue certificates to

certain taxpayers for credits allowed under sections 432 to 432d of

the Michigan business tax act, 2007 PA 36, MCL 208.1432 to

208.1432d.

     (m) To determine the eligibility of and issue certificates to

certain taxpayers for credits allowed under section 434 of the

Michigan business tax act, 2007 PA 36, MCL 208.1434.