LANSING, Mich. — The Michigan Senate on Tuesday approved legislation sponsored by Sen. Jim Stamas to help Michigan attract new and expanded business investments that result in the creation of more high-wage jobs in the state.
“Michigan has made significant progress in the past six years to create a positive business environment that has resulted in more than 480,000 new private sector jobs in our state, but there is still work to do,” said Stamas, R-Midland. “As we help continue and enhance job growth, we must put Michigan at a competitive advantage over neighboring states in the fight for new investment and new jobs. This initiative will ensure fairness and transparency.”
Senate Bills 1153-1155 would create a transparent and capped incentive program aimed at attracting projects that would provide a significant number of high-wage jobs.
“Michigan is investing in its people through enhanced workers training and education,” Stamas said. “This is part of a continued effort to attract 21st century jobs to Michigan so that we can help enable current residents and future generations to stay in Michigan to live and work.”
Under the legislation, business expansions or new locations creating at least 500 qualified new jobs — that pay the county average wage or higher — would be eligible for a five-year, 50 percent abatement on the personal income tax withholdings of the new employees. Companies creating at least 250 qualified new jobs — paying wages at 125 percent or more of the county average wage — would be eligible to receive up to a 10-year, 100 percent abatement.
Stamas said that the incentive program would be limited to 15 new projects per year — with a maximum value for all outstanding projects at any time capped at $250 million.
The bills have been sent to the Michigan House of Representatives for consideration.
Editor’s note: The above photo is available by clicking on the image or by visiting the senator’s website at www.SenatorJimStamas.com/photowire.