Michigan Lawmakers Consider $ 1.5 Billion In Trade And Relief Incentives | Technology
LANSING, Michigan (AP) – Michigan lawmakers were working on Tuesday to pass a $ 1.5 billion bill with state incentives to complete major business projects, including an electric vehicle battery plant that General Motors wants to build in the Lansing region.
Once Governor Gretchen Whitmer signs off on the funding and related bills, $ 1 billion will go to the new Strategic Outreach and Attraction Reserve Fund. Legislative Budget Committees Should Approve Account Transfers to New Site Preparation and “Critical Industry” Funds Before the Michigan Economic Development Board can distribute grants, loans and other aid to businesses .
A House-Senate conference committee was scheduled to meet Tuesday evening, and lawmakers remained in session to vote before adjourning for the year.
As part of the deal, the Democratic governor will sign around $ 410 million in tax breaks and fees for business owners whose operations have been affected by restrictions related to the pandemic. The Republican-controlled Senate also approved a $ 75 million tax cut for businesses that pay taxes on non-industrial equipment and personal property. The exemption, based on the value of the equipment, would increase from $ 80,000 to $ 180,000 per package.