LANSING – A deal to give state economic development officials more tax credits to offer this year in exchange for greater transparency in how many jobs those credits create neared completion Thursday.
The Senate gave final approval to three bills that would require that the Department of Treasury provide legislative leaders with information on the Michigan Economic Growth Authority credits issued, increase the amount of information the MEGA board has to disclose in its annual report and limit the annual growth in MEGA credits (SB 70 , SB 71 , SB 774 ). They go to Gov. Jennifer Granholm.
The bill that would give MEGA an additional 85 credits to offer this year, something economic development officials sought after using up all 400 of their allotted credits for the year, also passed the Senate (HB 4922 ). It returns to the House for review of Senate changes that require companies seeking a high tech tax credit to prove that at least 10 percent of their expenses in the preceding two years were devoted to research and development.
That change brought dissent from Sen. Jason Allen (R-Traverse City), who said it would negatively affect rural businesses in attaining MEGA credits. Sen. Nancy Cassis (R-Novi), the Senate Finance Committee chair, said Mr. Allen was mistaken and that her amendment would have no such effect.
This bill passed 32-3 while the other three bills unanimously passed.
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