LANSING, Mich. (AP) – Michigan would provide tax incentives for large-scale business expansions under legislation up for a vote in the Senate.
The state has moved away from such tax breaks under Gov. Rick Snyder’s watch in favor of a smaller pot of grants and loans. But the Republican-led Senate plans to approve new incentives Wednesday because economic development officials say Michigan is losing business to states with generous incentives.
The bills would authorize Michigan to let companies keep part of their employees’ income tax withholdings. The businesses would have to create at least 500 jobs that pay the regional average wage. Companies also could qualify if they add at least 250 jobs that pay 125 percent of the regional average.
Snyder supports the concept of the legislation.
ONLINE: Senate Bills 242-44