State House Clears MEGA Credits Tax Liability Cap Bills

LANSING, MI (WHTC) – The state House approved two bills capping Michigan’s estimated 9.3 billion-dollar tax credit liability that analysts say will impact the state budget over the next 17 years. This credit program through the Michigan Economic Growth Authority ended over three years ago, and this legislation would ensure that no amendments can be made to current deals that further expand the liability. An unexpected 325 million-dollar budget shortfall in January due to this liability led to the drafting of these bills.