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MICHIGAN GOVERNOR PROPOSES ELIMINATING STATE TAX CREDITS

Friday, February 18, 2011 - 8:00AM

Michigan Gov. Rick Snyder yesterday revealed his executive budget for fiscal years (FY) 2012 and 2013, in which he proposes to restructure the state’s tax system by replacing the business tax with a flat 6 percent corporate income tax and eliminating all state tax credit programs. Under the proposal, the historic preservation tax credit (HTC), brownfield redevelopment, Michigan Economic Growth Authority, Next Energy, film, and renaissance zone programs, among other tax incentives, would expire after the state has honored existing commitments. Any new economic development incentive would be awarded through the appropriations process and reviewed for effectiveness.

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