MI HB4474

Beginning January 1, 2015, the Michigan Economic Growth Authority cannot enter into new written agreements or modify existing agreements for certified credits under specified sections of the Michigan Business Tax Act, with limited exceptions.

Any modification or amendment of existing agreements is prohibited if it reduces job creation or retention requirements, extends the timeframe for credit awards, or adds additional facilities to count toward job requirements.

The authority must notify the governor, auditor general, and legislative fiscal agencies by email at least 30 days before modifying or amending an existing agreement, including the business name, description of changes, and fiscal impact.

Modifications or amendments that reduce the net amount of credits to the authorized business are permitted exceptions to the general prohibition on new agreements and modifications.