This week, Governor Rick Snyder signed into law a bipartisan three-bill package aimed at diversifying the state’s economy and attracting large-scale employers. “The goal of this proposal is to bring businesses into Michigan who have a significant workforce. Not only do the bills aim to create more jobs, it also seeks to bring well-paying jobs into communities across the state,” said Matt Sowash of MLC. The incentives allow employers to keep some or all of the state income tax paid by their employees if certain criteria is met. They vary in amount and length of time according to the number of new jobs the qualifying businesses creates, and whether or not it can meet or exceed regional average wage requirements.
To qualify, applicants must create at least two-hundred and fifty new jobs, and pay salaries that are 125% or more of the prosperity region average wage. Businesses that create between 500-3,000 new jobs must pay wages at least equal to 100% of the prosperity region average wage. Qualifying 3,000 or more job and wage applicants are eligible to receive the maximum income tax capture for ten years, the maximum length of time allowed under the legislation.
Additional features of the legislation, include:
Michigan Legislative Consultants is a bipartisan lobbying firm based in Lansing, Michigan. Our team of lobbyists and procurement specialists provide a wide range of services for some of the most respected companies in America. For more on MLC, visit www.mlcmi.com or connect with us on LinkedIn and Twitter.