Legislation Creates New Tax Incentives For Large Business Expansion

The state of Michigan would provide tax incentives for large-scale business expansions under legislation passed in the Senate on Wednesday. The businesses would have to create at least 250 jobs that pay 125% of the regional average. That’s according to sponsor  state Senator Jim Stamas, who spoke with Michigan News Network about the plan.

“The other thing that we’ve done in this package is to say, ‘You don’t get a single dime until you’ve provided those full 250-plus jobs,’” Stamas said.

Stamas, is calling it the Good Jobs for Michigan package, and says the incentive program would be limited to 15 new projects per year with a maximum value for all outstanding projects at any time capped at $250 million. Governor Rick Snyder has supported the concept of the legislation, which now heads to the House.