Michigan Senate panel quickly OKs new business incentives

LANSING, Mich. (AP) – Michigan would provide up to $250 million in tax breaks a year to attract larger-scale business expansions under legislation advancing in the Legislature.

A Senate committee quickly and unanimously approved bipartisan bills Tuesday that supporters say are needed to compete with other states. They say Michigan is among two states with a corporate income tax and no tax credits, and Ohio and Indiana offer incentives worth seven times more than Michigan’s.

The legislation, which the Senate plans to pass Tuesday, would authorize the Michigan Strategic Fund to strike 10-year deals with companies so they could keep income tax withholdings.

Business could qualify if they create at least 250 jobs that pay 125 percent or more of the average wage in the county, or if they create at least 500 jobs.

We welcome thoughts and comments from our viewers. We ask that everyone keep their remarks civil and respectful. Postings that contain profanity, racist, or potentially libelous remarks will be deleted. We will delete any commercial postings, as well.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s