Bill Text: MI SB0071 | 2009-2010 | 95th Legislature | Engrossed
Bill Title: Economic development; Michigan economic growth authority; reporting requirements for Michigan economic growth authority; modify. Amends sec. 10 of 1995 PA 24 (MCL 207.810). TIE BAR WITH: HB 4922'09, SB 0070'09, SB 0774'09
Spectrum: Partisan Bill (Republican 4-0)
Status: (Passed) 2009-10-29 - Assigned Pa 0125'09 With Immediate Effect [SB0071 Detail]
Download: Michigan-2009-SB0071-Engrossed.html
SB-0071, As Passed House, October 14, 2009
SUBSTITUTE FOR
SENATE BILL NO. 71
A bill to amend 1995 PA 24, entitled
"Michigan economic growth authority act,"
by amending section 10 (MCL 207.810), as amended by 2006 PA 283.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 10. (1) The authority shall report to both houses 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
Senate Bill No. 71 (S-1) as amended October 14, 2009
director upon written request from the chairperson or director. The
report shall include, but is not limited to, all of the following:
(a) The total amount of capital investment attracted under
this act.
(b) The total number of qualified new jobs created under this
act.
(c) The total number of new written agreements.
(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.
(iii) The members of the limited liability company if the
authorized business is a limited liability company.
(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) (f)
The amount of any fee, donation, or
other payment of
any kind from the authorized business 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
Senate Bill No. 71 as amended February 12, 2009
as amended October 14, 2009
calendar years.
(h) (g)
The total number of [new] 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.
Enacting section 1. This amendatory act does not take effect
unless all of the following bills of the 95th Legislature are enacted into law:
(a) Senate Bill No. 70.
(b) Senate Bill No. 774.
(c) House Bill No. 4922.]
