November 8, 2007, Introduced by Senators ALLEN, GILBERT, CLARKE and STAMAS and referred to the Committee on Commerce and Tourism.
A bill to amend 1995 PA 24, entitled
"Michigan economic growth authority act,"
by amending sections 6 and 9 (MCL 207.806 and 207.809), section 6
as amended by 2003 PA 248 and section 9 as amended by 2000 PA 144.
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 section
38g(3) of the single business tax act, 1975 PA 228, MCL 208.38g,
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 section 38g(3) of the single
business tax act, 1975 PA 228, MCL 208.38g, 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 section 38g(3) of the single business tax act, 1975 PA 228,
MCL 208.38g, 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 section 38g(3) of the
single business tax act, 1975 PA 228, MCL 208.38g, 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
section 38g(3) of the single business tax act, 1975 PA 228, MCL
208.38g, 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 approve relocation of public buildings or operations
for
economic development purposes under the brownfield
redevelopment
financing act, 1996 PA 381, MCL 125.2651 to 125.2672.
(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.
Sec. 9. (1) An authorized business is eligible for the credits
provided in sections 37c, 37d, and 38g(19) to (24) of the single
business tax act, 1975 PA 228, MCL 208.37c, 208.37d, and 208.38g,
and sections 407 and 431 of the Michigan business tax act, 2007 PA
36, MCL 208.1407 and 208.1431.
(2) The authority shall issue a certificate each year to an
authorized business that states the following:
(a) That the eligible business is an authorized business.
(b) The amount of the tax credit for the designated tax year.
(c) The taxpayer's federal employer identification number or
the Michigan treasury number assigned to the taxpayer.