New economic incentive legislation to promote business growth in Michigan

New economic development legislation has passed the Michigan House of Representatives. It’s called “Good Jobs for Michigan” and it’s made up of three bills.

In short, the legislation would provide no more than $250 Million in incentives to companies that create at least 250 new jobs that pay 125 percent or more of the average wage in that area. There is a cap of 15 projects per year in the state.

Proponents of the legislation said this helps Michigan compete with other states that incentivize.

“In business attraction, we're not just competing against other states, we're competing against other countries, so in the global economy, these business could go anywhere so what we want to be able to do is assure that Michigan has the tools in the toolbox to be one that's most attractive,” Lake Superior Community Partnership Amy Clickner said.

The main bill passed with a vote of 71 to 35. Governor Rick Snyder has shown his support for the legislation and it’s already passed the Senate.

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