Rep Bellino Michigan House approve plan benefiting Monroe County economy

first_img Rep. Joe Bellino today voted in favor of legislation designed to help Tenneco preserve employment in Monroe County.The bipartisan plan approved by the House would allow Tenneco to keep Michigan Economic Growth Authority credits originally awarded to Federal-Mogul. Tenneco finalized a deal to acquire Federal-Mogul in 2018, and transferring the already approved credits will help Tenneco preserve Michigan jobs – including those with Monroe Shocks and Struts – without any additional costs to taxpayers.“This is a common-sense plan that will help preserve good, local jobs as company ownership changes,” said Bellino, of Monroe. “It’s a smart move that will help the Monroe economy, along with several other communities in Michigan. And it’s all done without costing taxpayers another penny.”The MEGA credit was included as part of the Tenneco/Federal-Mogul deal. The legislation approved today makes it clear the credit may be transferred to the company’s new owner.The MEGA credit involved in this legislation was previously awarded and is capped at $12 million. The tax credit can’t be amended to last longer or cost more.The legislation applies only to the Tenneco case. The Legislature will maintain oversight on a case-by-case basis moving forward, because each company acquisition is unique.House Bills 4189-91 advance to the Senate for further consideration. Rep. Jason Sheppard of Temperance is one of the primary sponsors of the legislation. 22May Rep. Bellino, Michigan House approve plan benefiting Monroe County economy Categories: Bellino News,Newscenter_img ###last_img

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