Traverse City Record-Eagle

Business

April 25, 2013

Business in Brief: 04/25/2013

Mich. House plan has no money for film

LANSING — The Republican-led state House is looking to do away with tax incentives that lure moviemakers to Michigan so the money instead goes toward road maintenance.

The House on Tuesday stripped $25 million in tax credits it planned to set aside for the film industry.

The funding would go to the state and local governments for road repairs. The House also cut $25 million from an economic-development fund and allocated it for roads.

The full House is expected to vote on its budget Wednesday, setting the stage for negotiations with the Senate and Gov. Rick Snyder next month. So far the GOP-controlled Senate and governor are looking to designate at least $25 million in incentives for Hollywood — half the amount in the current budget.

Fiat mulls IPO after buying Chrysler

DETROIT — The head of Italian automaker Fiat is considering a plan to hold a public stock offering after the company buys 100 percent of Chrysler, according to a person briefed on the matter.

The plan to sell shares of a combined company is among several options being evaluated by Sergio Marchionne, who serves as CEO of both automakers, said the person, who requested anonymity because no decision has been made.

Fiat now owns 58.5 percent of Chrysler, and wants to buy the remaining 41.5 percent from a health care trust fund for union retirees. The two sides differ on price, and that may be decided by a U.S. court.

 

 

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