The Michigan Economic Development Corporation is supporting state Governor Rick Snyder's budget for prioritizing value in investing in Michigan companies and creating a solid environment for business growth.
"The governor's budget message delivered today takes Michigan on a bold path toward broad economic development success and new business investment for our state, and creates a stronger base for job creation across a wide variety of economic sectors," said EDC President and CEO Michael A. Finney.
Snyder proposed a $1.5 billion reduction in business taxes to create economic assuredness for Michigan companies. The new corporate flat tax will simplify the existing Michigan Business Tax, which has been criticized for its excessive complexity, which may deter economic growth.
The governor is additionally setting aside $75 million to the EDC for incentives and $25 million for film incentives and other business programs.