Mich. gov signs new laws for business investment

AP News
Posted: Dec 14, 2011 11:08 AM
Mich. gov signs new laws for business investment

Gov. Rick Snyder has signed a package of bills replacing many of the state's economic development incentives with new, smaller programs.

The Michigan Business Development and Michigan Community Revitalization programs replace the brownfield and historic tax credits as well as those granted by the Michigan Economic Growth Authority.

The old tax credits were under the Michigan Business Tax that's being replaced next month with a new corporate income tax.

Snyder said in a news release Tuesday that the new programs will provide $100 million in incentives for highly competitive projects in Michigan.

The governor favors eliminating tax credits that go only to certain businesses. But local governmental leaders say they need the incentives to get businesses to agree to refurbish historic buildings or locate in brownfields.