Wednesday, December 14, 2005
Legislature Approves Tax Cut, Welfare Changes
The Detroit News reports that state lawmakers and Gov. Granholm struck a deal on a $600 million tax relief package for Michigan's manufacturers Tuesday. The newly passed plan revises the single business tax over a three-year period so that it's less of a penalty on a company's payroll because the tax levy would be almost completely based on its sales. The Visteon-Delphi tax break will be reworked to give the companies more incentive to keep plants in Michigan. Also under the new plan, General Motors, Ford and DaimlerChrysler qualify for the same two-year tax exemption as out-of-state companies bringing new jobs to Michigan. The legislature also made major reforms to state welfare laws.
Read Granholm: Diverse economy would still include auto industry, personal property taxes must be cut from Crain's Detroit Business
# posted by farlane @ 9:20 AM
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