LANSING – State Representative Joel Sheltrown (D-West Branch) today praised Governor Jennifer M. Granholm for reaching a $3 billion deal with House and Senate leaders that will help create high-tech jobs in Michigan and entice businesses to invest in our state.
"This plan will bring us one step closer to the creation of 500 new high-paying jobs at the former Wurtsmith Air Force Base in Oscoda," Sheltrown said. "This is a very positive development for northern Michigan residents."
The deal reached late Thursday provides $1 billion from the state's tobacco settlement for Granholm's 21st Century Jobs initiative. The funds will be used to diversify Michigan's economy by creating jobs and support innovation and research in the fields of homeland security, high-tech automotive, alternative energy and life sciences. Another $300 million will provide venture capital for start-up companies in Michigan.
In her 2005 State of the State address, Granholm unveiled a proposal to move Michigan towards robust economic recovery by creating 21st Century Jobs in research and innovation, focusing on competitive edge technologies, life sciences and commercialization.
Also under the plan, companies that locate or build new facilities in Michigan within the next two years will get a 100 percent personal property tax cut. Manufacturers already located in Michigan will get a 15 percent personal property tax cut. The deal will encourage companies to move to Michigan, bringing more jobs to help boost the economy.
"This plan makes Michigan more attractive to businesses, which is what we need to bring jobs back to our state," Sheltrown said. "This is a good plan for northern Michigan and our residents."