POPULATION: 10,095,643 (2006)
LABOR FORCE: 5,081,000 (2006)
RIGHT TO WORK: No
EXPANDING INDUSTRIES: Life sciences, advanced automotive technologies, homeland security/defense, alternative energy technologies, information technologies, tourism, agriculture, information technologies, micro- and nanotechnology, pharmaceuticals, medical devices, instrumentation and diagnostics, research and ancillary services, biotechnology, R&D, advanced materials, telematics
COLLEGE GRADUATES: (Age 25 and over) 26.1% (2006)
BASIC BUSINESS TAXES:
Michigan Business Tax (effective Jan. 1, 2008): 4.95 percent of apportioned business income and .08 percent of apportioned gross receipts (minus purchases from other firms); apportionment is based on 100 percent of the sales factor; 35 percent credit for taxes paid on industrial personal property; tax credits provided for capital investment, R&D expenditures, and compensation; certain small businesses may use an alternative 1.8 percent profits tax
Sales and Use Tax: 6 percent; no local sales tax
Property Tax: assessed at 50 percent market value; assessment increases are limited to 5 percent or inflation, whichever is less; industrial personal property gets automatic 24-mill exemption and commercial property a 12-mill exemption; property tax abatements are available for up to 12 years
BUSINESS INCENTIVES:
MIchigan Business Tax credits for capital investment, R&D expenditures, and compensation
$2 billion 21st Century Jobs Fund
21st Century Investment Fund (available to venture capital, mezzanine, and private equity funds with a Michigan focus)
Michigan Economic Growth Authority (state tax credits for job creation and retention, including high-tech and alternative energy)
Tax-free Renaissance Zones
Tax-free Tool & Die Recovery Zones
NextEnergy Zone
(tax free for alternative energy)
Smart Zones (high-tech clusters
of businesses and resources)
Private Activity Bond Program (taxable and tax-exempt)
Economic Development Job Training grants
Brownfield redevelopment state tax credits and TIF
Capital Access Program (loans for Michigan companies)
Community Development Block Grants for economic development
Industrial Property Tax abatement
SelectSites program (prime properties ready for development)
Web access to Commercial Property Info Exchange (CPIX)
Foreign-trade zones
Certified Business Parks
Technology and productivity consulting
Ombudsman services
Worker recruitment assistance
Permit coordination
Site proposal assistance