FAS 109 Bill Introduced and Testimony Given
August 9, 2007August 9, 2007. Yesterday, the House Tax Policy Committee held an initial hearing on the FAS 109 issue. Testifying in favor of a fix were the Michigan Chamber, Detroit Chamber and GE. The Michigan League for Human Services and the Michigan Department of Treasury were opposed to a fix. Representatives Bieda (Chair) and Condino (Vice-Chair) expressed a strong commitment to resolving this issue. Treasury has estimated the initial cost in the range of $1 billion.
A proposed fix was introduced as HB 5104 . The House Tax Policy Committee may provide an opportunity for additional testimony next week.