LANSING – State Representative Dian Slavens (D-Canton) voted today to expand the number of tax credits being made available for businesses that create jobs for Michigan workers. The plan passed the House with broad bipartisan support.
"Michigan's workers need good-paying jobs now," said Slavens. "By drawing new industries to Michigan we can make that happen. Passing this plan today tells companies looking to relocate or expand that Michigan is open for business."
The plan that passed today expands the number of Michigan Economic Growth Authority (MEGA) tax credits being made available to bring new and emerging industries to Michigan. The value of the MEGA credits awarded is based on various factors, including the number of Michigan jobs created and the salaries for those jobs. These credits have been so successful in Michigan that other states have recently created similar programs using Michigan as a model.
Similar Michigan tax credits for businesses were recently heralded as central in attracting alternative energy and
advanced battery manufacturers to Michigan. Such credits have resulted in nearly $3 billion in investment by world-class
alternative energy companies that will create more than
9,000 Michigan jobs. A plan Slavens sponsored to expand tax incentives for advanced battery companies to $555 million
brought five companies that will create 6,600 jobs to Michigan.
The plan also will increase accountability for businesses that take advantage of the credits by requiring more detailed reporting of how many Michigan jobs are created as a result.
"Businesses are already lining up to come to Michigan," Slavens said. "Expanding these incentives will help attract even more of the growing companies in emerging fields that Michigan needs to boost our economy and get our workers back on the job."