HB 4471 Summary

• Requires the Michigan Economic Growth Authority to submit monthly reports to the House fiscal agency, Senate fiscal agency, and Department of Treasury listing all certificated credits issued under the Michigan business tax act, including business name, certificate number, issuance date, tax year, and credit amount.

• Mandates annual reporting to all legislators, the Governor, House fiscal agency, Senate fiscal agency, and Auditor General beginning October 1, 2015, detailing capital investment attracted, jobs created and retained, credit amounts issued, and names and ownership information of authorized businesses.

• Requires inclusion in annual reports of detailed information about each written agreement with authorized businesses, including job requirements, capital investment thresholds, credit values, actual performance metrics, and any fees or donations paid to the Michigan Economic Development Corporation.

• Requires the Auditor General to review and comment on annual reports as part of their post-audit of the authority.

• Mandates submission within 30 days of enactment of a detailed list of all previously issued certificated credits and requires ongoing disclosure of amendments or modifications to existing written agreements, including their impact on credit qualification and value.