Tax breaks in Michigan to stimulate businesses and create jobs

Tax breaks in Michigan to stimulate businesses and create jobs



08/8/2017 12:00 am

Michigan / Nafie Fartousi
A new package approved by Michigan Gov. Rick Snyder of three laws that would grant tax breaks to large companies that provide or create more jobs in the state.
The package, offered by two Republican and Democratic senators under the name of "Good Jobs for Michigan," is aimed at motivating large corporations to create new jobs in Michigan by allowing them to retain the income tax paid by their employees for the state if certain conditions are met.
"We have to recognize that we are in a competitive environment with other states, and we look forward to being very competitive," Snyder said at the signing ceremony in Rochester Hills.
The number of new jobs provided by the company wishing to benefit from the new incentives is determined by the length and duration of the tax exemptions, provided that such exemptions are not submitted to more than 15 companies, To qualify, the company must provide at least 250 new jobs, and salaries should exceed 125 percent of the average income in the region.
"If the contracting company fails to maintain the minimum number of jobs required, the new law allows for the immediate abolition of tax incentives, and gives the state government the authority to recover income taxes paid by employees for the entire year, in order to maintain the integrity of the new system," a state authorized source said. And to prevent its exploitation. "
"If the company is able to provide three thousand new jobs or more, you will receive the full income tax for ten years, which is the maximum under the new law."
Michigan Governor Rick Snyder ended a week-long tour of France, Germany and Italy aimed at boosting trade ties with Europe and stimulating foreign investment in Michigan.
The European Ruler's tour, the fifth since he took office, according to a media source, included meetings with senior officials in the public and private sectors, particularly in the automotive industry and related companies. Snyder and his accompanying delegation explained to the European leaders they met the kinds of opportunities and temptations that the state can provide, especially in the field of self-driving smart cars research and design.
The delegation included officials from the Auckland and Macomb provinces, where preparations for the first motorway friendly for smart cars in the United States, as well as representatives from the private sector, began.
Since taking office, Snyder has taken over 10 official overseas flights - including Europe - to China, Japan and Mexico, to boost international trade relations and attract investment to Michigan and its economic capital, Detroit. His efforts have attracted several foreign companies to work in the state With investments valued at hundreds of millions of dollars and the addition of hundreds of new jobs.
Snyder was officially declared bankrupt in July 2013, after its debts have ballooned to more than $ 18.5 billion and nearly half of its population has migrated over the past 60 years.
After Detroit was a symbol of the American auto industry at the turn of the 20th century, it became the largest US city to be declared bankrupt. The number of dilapidated or abandoned buildings was 78,000. The city is the birthplace of the three major automakers - Ford, Chrysler and General Motors.

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