HB-4547 Summary

• Amends the Michigan Economic Growth Authority Act to establish governance structure with an 8-member board including the state treasurer as chairperson, president of Michigan Strategic Fund as nonvoting member, and four gubernatorially-appointed members requiring senate confirmation.

• Establishes a business integrity verification program requiring tax credit applicants to submit questionnaires and undergo civil, criminal, or credit background checks to ensure they have not been convicted of crimes including embezzlement, fraud, theft, forgery, bribery, or antitrust violations.

• Requires the authority and the office of the chief compliance officer to jointly determine compliance before entering written agreements and issuing tax credit certificates to eligible businesses.

• Beginning April 1, 2010, prohibits the authority from entering agreements with businesses that failed to comply with the Michigan Corporate Responsibility Act, and requires written agreements to include penalties equal to all utilized tax credits for non-compliance or fraud.

• Modifies employment and capital investment requirements for various business categories (high-technology businesses, rural businesses, distressed businesses, historic downtown properties) and implements annual limits on new written agreements by business type.