SB-0071, As Passed Senate, February 12, 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

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 amount of capital investment required and the number

of jobs required to be created or retained for each authorized

business to be eligible for the tax credits under this act.

(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

calendar years.

(h) (g) The total number of new written agreements <<and the total

capital investment for the credit under new written agreements>> entered

into under section 8(5) 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 that year and all

previous years under the written agreement, the total capital

investment at that facility 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) Before the authority submits the report described in

subsection (1), the auditor general shall <<review>> that report and

include <<comments about its review>> with the report.