Rep. Michael Webber’s legislation helping preserve jobs in Oakland County has been signed into Michigan state law.
Webber’s legislation allows 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 credits will help the company preserve jobs. There are no additional costs to taxpayers as a result of this legislation.
“This will have a positive effect in many areas of Michigan, and it will be particularly helpful to the Oakland County economy,” said Webber, of Rochester Hills. “I’m glad this measure received broad bipartisan support. We are preserving jobs and protecting taxpayers with this important piece of legislation.”
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.
Webber sponsored House Bill 4190 in the legislative package. His bill – along with House Bills 4189 and 4191– were signed into law by Gov. Whitmer this week.
###