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GROW-sbdcINCENTIVE PROGRAMS

The State of Michigan is motivated to provide incentive opportunities to build a strong economic foundation statewide. The MCGA is your resource for up-to-date information about these incentive opportunities.

Michigan Personal Property Tax Reform

In an ongoing effort to make the state a more attractive place for businesses to invest and grow, Michigan phased out its Personal Property Tax (PPT) for most businesses beginning in 2014. This reform will substantially reduce compliance and administrative costs for businesses and will be especially attractive to manufacturers who rely on expensive capital investments in tools and other equipment.

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Michigan Industrial Property Tax Abatement

Industrial property tax abatements provide incentives for eligible businesses to make new investments in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate aging plants, or add new machinery and equipment. High technology operations are also eligible for the abatement.

High-technology activity is defined in the Michigan Economic Growth Authority (MEGA) Act as: advanced computing, advanced materials, biotechnology, electronic device technology, engineering or laboratory testing related to product research and development and advanced vehicles technology or technology that assists in the assessment or prevention of threats or damage to human health or the environment. Abatements under PA 198 can significantly reduce property taxes on new investment for eligible firms.

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New Jobs Training Fund

Well-educated and highly trained employees are critical to compete in today’s increasingly competitive global market. A skilled workforce can increase your company’s competitive edge through higher productivity and improved morale.

If your company is moving to or expanding in Michigan, you can receive financial assistance for the customized training of your new employees through the Michigan New Jobs Training Program. This unique economic incentive allows for businesses to partner with one of the state’s 28 community colleges, to develop a training program that produces the highly trained employees that can increase your competitive edge.

Adriana Nichols, Ph.D, anichols@mcca.org

222 Chestnut
Lansing, Michigan 48933

517.372.4350

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Michigan Growth Fund Loan Participation

The intent of the MBGF–LPP is to participate with lenders to finance expansion and diversification projects when faced with borrowers whose projected cash flows are considered speculative by the lender. The MBGF– LPP will purchase a portion of a loan from the lender and has the option to offer a grace period on the program’s portion of the loan for up to 36 months. MBGF–LPP participation is advantageous to lenders in two ways:

1) It limits the project exposure of lenders; and

2) It offers borrowers “free cash flow” during the grace period allowing full coverage on the lender’s portion of the loan. This will enable suppliers to acquire the needed financing to expand and diversify into new growth industries.

ELIGIBLE BORROWERS

  • To qualify, a business must be engaged with a private lender for the purpose of acquiring a commercial extension of commercial credit for a diversification or expansion project.
  • Borrower must have no more than 750 employees, and otherwise comply with all state and federal requirements for the program.

Contact MEDC: businessloans@michigan.org

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Mason County Brownfield Development Authority

MCBRA utilizes Tax Increment Financing (TIF) and Single Business Tax (SBT) incentives for redevelopment of eligible sites. Eligible sites are defined as contaminated, functionally obsolete or blighted.

For further information, contact the County Administrator at 843-7999.

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