LANSING — The House Ways and Means Committee unanimously passed House Bills 4189-4191 today to clarify that the business established following the merger of Tenneco and Federal Mogul may utilize a tax credit that would have otherwise been claimed by an out of state entity. The bills would amend the Michigan Business Tax Act, the Michigan Economic Growth Authority Act and the Income Tax Act, respectively. In response, state Rep. Kevin Coleman (D-Westland), who sponsored HB 4191 in the package, issued the following statement:
“Through this package, we are reducing the actual dollar amount in tax credits the state is liable for while honoring our commitment to a Michigan-based company dedicated to hiring Michiganders and investing in our state. This much-needed change will decrease Michigan’s liability for tax credits by millions of dollars and ensure high wage jobs stay here in our community. This is economic development done right.”
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