LANSING – State Representative Jennifer Haase (D-Richmond) voted today for legislation 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.
"With Michigan's unemployment rate hovering above 15 percent, too many of our residents are out of work – many through no fault of their own," Haase said. "Michigan has the highly skilled workforce that employers seek and we need to show them that our state is a great place to do business. Expanding incentives available to businesses will help get our workers back on the job by bringing more 21st century employers to Michigan."
The plan 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.
The plan that passed today 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.