ANNOUNCED AS TEMPORARYYes
Tax or social insurance relief
On July 26, 2017 the governor of Michigan signed into law a set of three bills (SB242, SB243, and SB244) that are collectively referred to as the Good Jobs for Michigan Program. They create this program within the Michigan Strategic Fund (MSF) and a related fund within the Department of Treasury. Among other things, the program provides that authorized businesses may “capture” state income taxes withheld from certified new employees, subject to approval by the MSF, as an incentive to create new jobs in Michigan. This incentive is available both to businesses already operating in Michigan and those newly locating in the state. A business location or expansion project would require a resolution of approval from the local governing body. The share of taxes that a business could capture is a function of the number of jobs and the level of the wages that it creates. The MSF can enter into no more than 15 agreements each year, and cannot disburse more than $200 million in total withholding tax capture revenues over the life of the program. No new agreements can be entered into after December 31, 2019. Professional sports stadiums, casinos, retail businesses, and those portions of eligible businesses used exclusively for retail sales are not eligible.
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