Bill Text: MI HB4471 | 2015-2016 | 98th Legislature | Introduced
Bill Title: Economic development; Michigan economic growth authority; disclosure of certain information for certain credits; provide for. Amends sec. 10 of 1995 PA 24 (MCL 207.810) & adds sec. 11.
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Introduced - Dead) 2015-04-21 - Printed Bill Filed 04/17/2015 [HB4471 Detail]
Download: Michigan-2015-HB4471-Introduced.html
HOUSE BILL No. 4471
April 16, 2015, Introduced by Reps. Townsend, Derek Miller, Irwin, Hoadley, LaVoy, Schor, Hovey-Wright and Driskell and referred to the Committee on Tax Policy.
A bill to amend 1995 PA 24, entitled
"Michigan economic growth authority act,"
by amending section 10 (MCL 207.810), as amended by 2009 PA 125,
and by adding section 11.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
10. (1) The Beginning
October 1, 2015 and each year
thereafter,
the authority or its successor shall report to both
houses
each member of the legislature, yearly on October 1 on
the
activities
of the authority. Beginning October 1, 2009, and each
year
thereafter, the authority shall also report to the chairperson
of
the senate appropriations committee, the chairperson of the
senate
finance committee, the chairperson of the house of
representatives
appropriations committee, the chairperson of the
house
of representatives tax policy committee, and the directors of
the
senate and house fiscal agencies. The authority shall also
report
to the chairperson or director upon written request from the
chairperson
or director. the governor,
the house fiscal agency, the
senate fiscal agency, and the auditor general. The report shall
include, but is not limited to, all of the following information
pertaining to written agreements with authorized businesses and
certificated credits issued under section 430, 431, 431a, 431b,
431c, 432, 434, or 450 of the Michigan business tax act, 2007 PA
36, MCL 208.1430, 208.1431, 208.1431a, 208.1431b, 208.1431c,
208.1432, 208.1434, and 208.1450:
(a) The total amount of capital investment attracted under
this act by tax year and broken out by the type of certificated
credit.
(b) The total number, and the average wages and benefits, of
qualified new jobs created under this act by tax year and broken
out by the type of certificated credit.
(c)
The total number of new written agreements.The total
number, and the average wages and benefits, of qualified jobs
retained under this act by tax year and broken out by the type of
certificated credit.
(d) The total number and the aggregate minimum and maximum
amount of certificated credits that could have been qualified for
and issued by tax year and broken out by the type of certificated
credit.
(e) The actual number and aggregate amount of certificated
credits that were issued by tax year and broken out by the type of
certificated credit.
(f) (d)
Name and location of all authorized
businesses and the
names and addresses of all of the following:
(i) The directors and officers of the corporation if the
authorized business is a corporation.
(ii) The partners of the partnership or limited liability
partnership if the authorized business is a partnership or limited
liability partnership. If a partner of a partnership or limited
liability partnership is a corporation, the directors and officers
of the corporation.
(iii) The members of the limited liability company if the
authorized business is a limited liability company. If a member of
an authorized limited liability company is a corporation, the
directors and officers of the corporation.
(e)
The amount and duration of the tax credit separately for
each
authorized business.
(f)
The number of jobs required under the written agreement to
be
created or retained for each authorized business to be eligible
for
the tax credits under the written agreement including the
maximum
number of jobs which can be utilized to calculate the
credit
for each authorized business under the written agreement.
(g) All of the following information pertaining to each
written agreement with an authorized business:
(i) The name and address of the authorized business, the
qualified facilities the written agreement applies to, and the
duration of the written agreement.
(ii) The number of qualified jobs required to be created or
retained for each authorized business to be eligible for
certificated credits under the written agreement, including the
maximum number of qualified new or retained jobs which can be
utilized to calculate the amount of certificated credits under the
written agreement.
(iii) The amount of capital investment to be attracted under the
written agreement for each authorized business to be eligible for
certificated credits under the written agreement, including the
maximum amount of capital investment which can be utilized to
calculate the amount of certificated credits under the written
agreement.
(iv) The minimum and maximum estimated value of certificated
credits under the written agreement.
(v) The actual number of qualified new jobs created or
retained by tax year under the written agreement.
(vi) The actual amount of capital investment attracted by tax
year under the written agreement.
(vii) Whether or not the authorized business qualified for a
certificated credit for each tax year under the written agreement.
(h) (g)
The amount of any fee, donation, or
other payment of
any kind from the authorized business, its officers, board members,
partners, or owners, to the Michigan economic development
corporation or a foundation or fund associated with the Michigan
economic development corporation paid or made in the previous
reporting year end or, if it is the first reporting year for the
authorized business, for the immediately preceding 3 calendar
years.
(h)
The total number of written agreements and the total
capital
investment required or otherwise anticipated for the credit
under
written agreements entered into under section 8(5) or (9)
and,
of those written agreements, the number in which the board
determined
that it was in the public interest to waive 1 or more of
the
requirements of section 8(1).
(i)
For each written agreement with each authorized business,
the
actual number of jobs created or retained for the most recent
period
that information is available and all previous years under
the
written agreement, the total capital investment at that
facility
for tax credits authorized under section 8(5) or (9) for
that
year and all previous years under the written agreement, and
the
total value of the tax credits received under that written
agreement
for that year and all previous years under the written
agreement.
(j)
A copy of each certificate issued under section 431, 431a,
431b,
or 431c of the Michigan business tax act, 2007 PA 36, MCL
208.1431,
208.1431a, 208.1431b, and 208.1431c.
(2) A review and comments concerning the report shall be
included in the auditor general's postaudit of the authority and
its successor.
Sec. 11. (1) As permitted under section 28 of 1941 PA 122, MCL
205.28, and beginning on the effective date of the amendatory act
that added this section, the authority or its successor shall
submit a copy of each certificated credit issued under section 430,
431, 431a, 431b, 431c, 432, 434, or 450 of the Michigan business
tax act, 2007 PA 36, MCL 208.1430, 208.1431, 208.1431a, 208.1431b,
208.1431c, 208.1432, 208.1434, and 208.1450, to the house fiscal
agency, the senate fiscal agency, and the department of treasury by
the tenth day of each month for the immediately preceding month.
(2) As permitted under section 28 of 1941 PA 122, MCL 205.28,
within 30 days of the effective date of the amendatory act that
added this section, the authority or its successor shall submit a
detailed list of each certificated credit issued under section 430,
431, 431a, 431b, 431c, 432, 434, or 450 of the Michigan business
tax act, 2007 PA 36, MCL 208.1430, 208.1431, 208.1431a, 208.1431b,
208.1431c, 208.1432, 208.1434, and 208.1450, to the house fiscal
agency, the senate fiscal agency, and the department of treasury.
This detailed list shall include, but is not limited to, the name
of the authorized business that received the certificated credit,
the certificate number, the date the certificate was issued to the
authorized business, the tax year to which the certificate applies,
and the amount of the certificate.
(3) The authority or its successor shall release additional
information pertaining to each certificated credit issued under
section 430, 431, 431a, 431b, 431c, 432, 434, or 450 of the
Michigan business tax act, 2007 PA 36, MCL 208.1430, 208.1431,
208.1431a, 208.1431b, 208.1431c, 208.1432, 208.1434, and 208.1450,
at the request of the director of the house fiscal agency or the
director of the senate fiscal agency in accordance with the house
fiscal agency's and senate fiscal agency's responsibility to
establish official economic forecasts pursuant to sections 367a to
367f of the management and budget act, 1984 PA 341, MCL 18.1367a to
18.1367f.
(4) As permitted under section 28 of 1941 PA 122, MCL 205.28,
and beginning on the effective date of the amendatory act that
added this section, the authority or its successor shall report to
members of the legislature and the governor by the tenth day of
each month for the immediately preceding month all of the following
information pertaining to each certificated credit issued under
section 430, 431, 431a, 431b, 431c, 432, 434, or 450 of the
Michigan business tax act, 2007 PA 36, MCL 208.1430, 208.1431,
208.1431a, 208.1431b, 208.1431c, 208.1432, 208.1434, and 208.1450:
(a) The total number of certificated credits broken out by the
type of certificated credit.
(b) The total value of the certificated credits broken out by
the type of certificated credit.
(c) The total amount of capital investment attracted under the
certificated credits broken out by the type of certificated tax
credit.
(d) The total number, and the average wages and benefits, of
qualified new jobs created under the certificated tax credits
broken out by the type of certificated tax credit.
(e) The total number, and the average wages and benefits, of
qualified jobs to be retained under the certificated credits broken
out by the type of certificated credit.
(5) As permitted under section 28 of 1941 PA 122, MCL 205.28,
within 30 days of the effective date of the amendatory act that
added this section, the authority or its successor shall provide
members of the legislature, the governor, the house fiscal agency,
the senate fiscal agency, and the auditor general with a detailed
report listing all amendments or modifications approved by the
authority or its successor to existing written agreements with
authorized businesses for certificated credits under section 430,
431, 431a, 431b, 431c, 432, 434, or 450 of the Michigan business
tax act, 2007 PA 36, MCL 208.1430, 208.1431, 208.1431a, 208.1431b,
208.1431c, 208.1432, 208.1434, and 208.1450. This detailed report
shall include the date the amendment or modification was approved
by the authority or its successor, the name of the authorized
business, a detailed description of the amendment or modification,
including, but not limited to, the amendment's or modification's
impact on that authorized business's ability to qualify for a
certificated credit, and the real or estimated value of the
certificated credits that have been issued, or may be applied for
under that amended or modified agreement. A review and comments
concerning this report shall be included in the auditor general's
postaudit of the authority or its successor. The authority or its
successor shall release additional information pertaining to the
amended or modified agreements at the request of individuals listed
in this subsection.
