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Thu July 23, 2009
State Senator calls for more oversight in tax credits
By Laura Weber, Michigan Public Radio Network
LANSING, MI – A state senator says the Michigan Economic Development Corporation gives out too many tax credits to businesses without enough oversight.
State Senator Nancy Cassis says the MEDC gave out a year's worth of tax credits in six months. Cassis says she wants more details on how successful the businesses that get the tax credits are at creating jobs.
Cassis says small businesses already in the state don't see the same benefits as some companies that get tax credits to come to Michigan.
"The home team is not getting any tax relief - not seeing any tax relief - and they're beginning to get frustrated that dollars are going to create other businesses when they have to subsidize this," she says.
The president of the MEDC says he agrees there should be more transparency in handing out tax credits. But he is concerned that Cassis may be seeking information that companies would consider to be trade secrets.