Michigan HB5414 amends tax regulations to clarify information disclosure rules for economic development corporations.

Michigan HB5414 amends the Michigan economic growth authority act to provide regulations concerning the disclosure of information required for reports. It specifies that certain information can be disclosed to authorized individuals and entities for specific purposes, while prohibiting willful disclosure for other purposes. The bill also outlines penalties for violations, including fines and imprisonment. It affects economic development corporations and taxpayers by setting clear guidelines on what information can be shared and under what circumstances.

Michigan HB5414 amends tax regulations to clarify information disclosure rules for economic development corporations.

Michigan HB5414 amends the Michigan economic growth authority act to provide regulations concerning the disclosure of information required for reports. It specifies that certain information can be disclosed to authorized individuals and entities for specific purposes, while prohibiting willful disclosure for other purposes. The bill also outlines penalties for violations, including fines and imprisonment. It affects economic development corporations and taxpayers by setting clear guidelines on what information can be shared and under what circumstances.