January 27, 2009, Introduced by Senators CASSIS, GILBERT, JANSEN and GARCIA and referred to the Committee on Finance.
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 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
calendar years.
(h) (g)
The total number of 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.
(2) Before the authority submits the report described in
subsection (1), the auditor general shall audit that report and
include its audit findings with the report.