MEGA: QUALIFIED NEW JOB - S.B. 1046 (S-4): FLOOR ANALYSIS
Senate Bill 1046 (Substitute S-4 as reported by the Committee of the Whole)
Committee: Economic Development, International Trade and Regulatory Affairs
CONTENT
The bill would amend the Michigan Economic Growth Authority Act to revise the definition of "qualified new job" to include, for jobs created after July 1, 2000, a full-time job at a facility created by an eligible business that was in excess of the number of full-time jobs maintained by that eligible business in the State 120 days before the business became an authorized business, as determined by the Authority.
Currently, "qualified new job" means a full-time job created by an authorized business at a facility that is in excess of the number of full-time jobs the authorized business maintained in the State prior to the expansion or location, as determined by the Authority.
The bill is tie-barred to Senate Bill 1345 (S-2), which would amend the Single Business Tax Act to exempt from the tax that portion of the tax base attributable to the services provided to a reciprocal insurer, pursuant to Chapter 72 of the Insurance Code, by an attorney-in-fact (a person authorized to act for the reciprocal insurer).
MCL 207.803 - Legislative Analyst: L. Arasim
FISCAL IMPACT
There is no way to make a reasonable estimate of the fiscal impact of this bill at this time, because there is no way to know how many high technology businesses would apply for, qualify for, and be granted the special tax breaks available under the Michigan Economic Growth Authority due to the changes proposed in this bill. While the bill would help current efforts to attract a particular high technology company to locate in Michigan, its provisions also would be applicable to other high technology businesses.
Date Completed: 11-30-00 - Fiscal Analyst: J. Wortley
floor\sb1046 - Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.