Michigan Senate panel quickly OKs new business incentives - WNEM TV 5

Michigan Senate panel quickly OKs new business incentives

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Michigan could provide up to $300 million in annual tax incentives to attract larger-scale business expansion and to foster the development of contaminated brownfield sites under legislation approved by the state Senate.

The chamber voted overwhelmingly Tuesday to move the bills to the House.

The job-creation incentives are backed by Gov. Rick Snyder -- a departure from his past skepticism of such tax breaks -- while lawmakers hope to make changes so he will support the brownfield package.

Some bills would authorize the Michigan Strategic Fund to strike 10-year deals with companies so they could keep income tax withholdings.

Business could qualify if they create at least 250 jobs that pay 125 percent or more of the average wage in the county, or if they create at least 500 jobs.

Copyright 2016 The Associated Press. All rights reserved. 

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