Michigan has reduced its state business taxes by 86 percent since 2012. Today, Michigan’s flat 6% tax on income is the 9th lowest corporate rate according to the Tax Foundation. Michigan’s overall tax rank is 14th in the U.S.
And more tax relief is coming. With strong bipartisan support, Michigan will be phasing out its personal property tax over the next decade, a boon for manufacturers and industry. Beginning in 2016, new industrial equipment will be tax exempt in Michigan.
In the words of Gov. Rick Snyder, “The reinvention of Michigan is working, and we’re seeing great results. Michigan is the Comeback State.”
Michigan has reinvented the incentive process, instead of offering tax credits that may provide future savings based on jobs and investment targets, MEDC has incentive programs that provide immediate benefit. Each year, $170 million is available in incentives and assistance. Plus, $100 million is available in loans to small and midsize businesses. *Source: Michigan Economic Development Corporation
For detailed information on taxes and incentives, please visit our Data Center.