The Senate passed a three-bill, MMA-supported incentives package called “The Good Jobs for Michigan” package on 3/29/17 which would create a new economic development tool for the Michigan Economic Development Corporation.
Below are links to the three-bill package:
The package would create provide a fund capped at $250 million to attract larger projects. The program eligible companies to capture the income tax revenue of the jobs they create. Eligibility requirements include creating a minimum of 500 jobs, that pay at least the average wage within the local prosperity region, which would allow a 50% capture of the income tax of the new jobs for up to 5 years. For projects that pay 125% of the average wage within the local prosperity region, and create 250 jobs, the capture rate would be up to 100% and up to 10 years.
The bills have been reported to the House Tax Policy Committee for consideration.