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Mon April 26, 2010
Mich. audit finds some tax credits didn't comply
LANSING, MI –
A new audit finds that some companies given hundreds of thousands of dollars in state tax credits in Michigan didn't always live up to their agreements on how much they would pay workers.
The Michigan auditor general's report released Monday covered the period of Jan. 1, 2005 through August 2009.
It says the Michigan Strategic Fund allowed companies to estimate the wages they would pay workers over an entire year rather than requiring them to meet agreed-to weekly average wage requirements.
It also says procedures to audit tax credits awarded by the Michigan Economic Growth Authority weren't effective. MEGA and the Strategic Fund are overseen by the Michigan Economic Development Corp.
MEDC says it largely agrees with report and found the recommendations valuable.
For more on job creation and workforce evolution in Michigan, visit WKAR.org/reworkingmichigan