HB 4473 Summary

• Prohibits the Michigan Economic Growth Authority from modifying or amending existing written agreements for certificated credits under sections 430, 431, 431a, 431b, 431c, 432, 434, or 450 unless the modification reduces the net credit amount to the taxpayer.

• Prevents modifications that decrease job creation or retention requirements, extend the credit timeframe, or add additional facilities to job count requirements.

• Requires the authority to notify the governor, auditor general, house and senate fiscal agencies, and legislature at least 30 days before modifying any agreement, including the taxpayer name, description of modification, and fiscal impact.

• Establishes a $400,000,000 annual cap on certificated credits approved and claimed in each state fiscal year beginning October 1, 2015, with unused portions potentially carried forward to the next fiscal year.

• Allows taxpayers unable to claim full approved credits due to the cap to claim excess credits in the following tax year or carry forward the overage to offset future tax liability.