April 17, 2008, Introduced by Senators KAHN, ALLEN, STAMAS, BARCIA, SWITALSKI and GLEASON and referred to the Committee on Commerce and Tourism.
A bill to amend 1995 PA 24, entitled
"Michigan economic growth authority act,"
by amending section 6 (MCL 207.806), as amended by 2007 PA 150.
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, former
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, former 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, former 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, former 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, former 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 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, 431b,
and 432 to 432d of the Michigan business tax act, 2007 PA 36, MCL
208.1431a, 208.1431b, and 208.1432 to 208.1432d.