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MI HB5920
Bill
Status
11/6/2014
Primary Sponsor
Andy Schor
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AI Summary
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Amends the Michigan Strategic Fund Act to prohibit loans, grants, incentives, and other economic assistance from being awarded to business entities that have undergone a tax inversion within the 10 years preceding their application.
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Defines "tax inversion" as the relocation of a business entity's corporate headquarters to a lower tax country while maintaining material operations in Michigan, as determined by the state treasurer.
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Requirement applies to all loan, grant, incentive, or other economic assistance programs operated under the Michigan Strategic Fund Act effective January 1, 2015.
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Removes outdated language in subdivision (r) regarding loans to financial institutions for export financing by changing "To make" to "Make."
Legislative Description
Economic development; other; certain economic development incentives for certain companies involved in tax inversion; prohibit. Amends sec. 7 of 1984 PA 270 (MCL 125.2007).
Economic development, other
Last Action
Printed Bill Filed 11/07/2014
11/12/2014