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Wed March 25, 2009
Mich. House considers bill to help auto suppliers
Lansing, MI – LANSING, Mich. (AP) - The Michigan House is considering changes
to the way the state provides tax credits to auto suppliers so
companies can get the money more quickly.
The proposal would give auto suppliers who already receive
multiyear Michigan Economic Growth Authority tax credits all the
money up front before 2011. It could cost the state up to $250
million but so far House Democrats have not specified a way to pay
for the proposal.
The measure passed a House committee Wednesday and could soon
come up for a vote on the House floor.
The proposal is aimed at helping Michigan auto suppliers who
have been hurt by the industry slowdown.
Auto suppliers would have to be likely to retain jobs specified
in original agreements with the state to get the tax credits