Michigan's old tax incentive programs 'mortgaged our future,' says state's ...
HOLLAND — The state is on the books for $8 billion in tax incentives and grants that will put a drain on budget resources though 2032, state economic leaders say.
“We’ve mortgaged our future and need to fix it with a system that makes Michigan business tax competitive, attracts new companies and keeps talent in the state to create the next Internet sensation,” said Michael Finney, CEO of the Michigan Economic Development Corporation.
Speaking to 200 members of the Holland Chamber of Commerce on Tuesday, Finney said Michigan’s old system of tax incentives, Mega grants and blank checks for movie companies, needed to be downsized and shaped into a system to make the state competitive with national and international markets.
He said the MEDC is helping to develop a state “toolkit” to replace the old system, with $1.65 billion in tax cuts from the elimination of the Michigan Business Tax and the addition of $175 million in seed money and business tax cuts that make Michigan the low-cost leader to do business in the Great Lakes region.
For 2012, the MBT gets replaced with a straight 6 percent tax while grants will be available for entrepreneurial programs, Brownfield projects and the film industry.
“The tax cuts say ‘Michigan is open for business.’ Indiana is now the only Midwest state with a lower tax. And businesses are interested. Our phones are ringing,” he said.
The entrepreneurial program will be used as investment money going into the hands of Michigan entrepreneurs who may create the next Internet sensation.
A $100 million pool of investment capital will help companies get a needed cash infusion to grow.
“Businesses need money to operate and there’s not that much investment capital moving today and they can’t achieve their potential if they can’t raise money to expand,” Finney said.
So what will the changes produce in terms of return on investment to the state and its economy?
Finney can’t say yet.
“We are still working on the details and haven’t gotten the ROI down yet,” he said. “But, the Michigan economy is getting stronger. A University of Michigan study projects the state to add 68,000 jobs this year.”
A lot of those are auto-related, thanks to the resurgence of GM, Ford and Chrysler.
“The stimulus and auto bailout where definitely good for Michigan. It’s hard for anyone to argue against that,” he said.
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