Citizens For John Cherry issued the following announcement on Oct 15.
Today, House Bills 4189-4191 were signed into law by Gov. Gretchen Whitmer. The legislative package was created after the corporate merger of Tenneco and Federal Mogul revealed a flaw in Michigan's existing business tax law. State Rep. Kevin Coleman (D-Westland) sponsored HB 4191 in the package, now Public Act 92 of 2019, which allows corporate taxpayers who received approval from the Michigan Strategic Fund (MSF) to file a return under the Michigan Business Tax Act.
“I work with my colleagues in the Legislature every day to improve the lives of the people of Michigan — and that includes ensuring our hardworking families have access to good-paying jobs,” Coleman said. “This bipartisan bill package is a necessary part of that mission. I will continue to do everything I can to keep these important jobs here at home in Michigan.”
The full package passed in both chambers with overwhelming bipartisan support and clarifies that businesses established following a merger can utilize a tax credit authorized by the Michigan Strategic Fund.
Original source here.
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