LANSING – State Representative Joel Sheltrown (D-West Branch) today passed a major aid package for Michigan's struggling manufacturers, providing a 100 percent personal property tax cut for companies that invest in Michigan and a 15 percent tax credit on a company's personal property taxes.
"Creating good-paying jobs and stimulating new investment in Michigan is a top priority, and this package will help us achieve both of those goals," Sheltrown said. "This tax restructuring will encourage companies to set up shop in our state. This is good news for northern Michigan's economy and our workers."
The 100 percent personal property tax cut applies during 2006 and 2007 and is designed to encourage companies providing good-paying manufacturing jobs to consolidate their national operations in Michigan. The plan extends tax cuts specifically for Delphi and Visteon to help the auto supply companies, both major Michigan employers, rebound.
The cuts in manufacturers' Single Business Tax were part of the Governor's plan to support struggling companies like Delphi and Visteon and encourage the growth of new manufacturing jobs.
"This plan will help build and grow our economy in northern Michigan and across the state," Sheltrown said. "An investment in manufacturers is just what we need to turn our state's economic misfortune into economic growth. This is a sound plan for Michigan that will propel our economy forward."