One measure will allow companies to qualify by counting jobs throughout Michigan, rather than at just one site. The new requirement will require that companies have at least 1,000 workers in the state and at least 150 at one location, rather than 500 at one location.
Firms will be required to maintain at least 100 jobs at a single facility and must agree to make a new capital investment equal to the greater of $15 million or $150,000 per job maintained at the facility by Dec. 31, 2006.
Granholm says the changes will allow the state to respond more quickly to keep jobs. Michigan's unemployment rate for March was 6.9%, in part because of the loss of 4,000 more manufacturing jobs that month. The state rate is more than a percentage point above the national average.
"From today onward, we will better be able to address the challenges employers face in the fast-changing 21st century economy, and retain more jobs for Michigan families," Granholm says.
The business tax credits offered through MEGA are aimed at helping businesses overcome cost differentials that could cause them to relocate out of state. Eligible businesses must be in the manufacturing, research and development, high tech, mining, wholesale/trade or office operations sectors.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
