Spotlight on pensions, budget, tax incentives before summer - WNEM TV 5

Spotlight on pensions, budget, tax incentives before summer

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(Source: WNEM) (Source: WNEM)

A tentative deal to steer more newly hired teachers into 401(k)-only retirement plans has stopped a surprising budget showdown between Republican legislative leaders and Gov. Rick Snyder.
   But key details remain to be finalized in a matter of weeks before the Legislature's summer recess.
   The decisions will affect not only future school employees but also a $55 billion state spending plan that is poised to receive Snyder's imprint after he was excluded from earlier talks.
   The Senate's leader says enacting a budget and changing teacher pensions are "heavy lifts." But job-creation tax incentives also are a priority for Snyder and others who want to entice Taiwan-based Foxconn, the world's largest electronics contract manufacturer, to expand into Michigan.
   Some key House Republicans are skeptical of the targeted tax breaks.

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