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SB 242 - Establishes Tax Incentives for Job Creation - Michigan Key Vote

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Title: Establishes Tax Incentives for Job Creation

Signed by Governor Rick Snyder


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Title: Establishes Tax Incentives for Job Creation

Vote Smart's Synopsis:

A vote to pass with amendment a bill that establishes a tax credit and other financial incentives for businesses that hire a certain number of new employees.

Highlights:

 

  • Establishes the "Good Jobs for Michigan Program" to provide tax incentives for businesses that contribute to job growth and higher wages (Sec. 9).

  • Specifies that a business that creates at least 3,000 jobs is eligible to receive 100% of employee withholding taxes for 10 years.

  • Specifies that a business that creates at least 500 jobs that pay at least the average regional wage is eligible to receive 50% of the employee withholding taxes for 5 years.

  • Specifies that a business that creates at least 250 jobs that pay at least 125% of the average regional wage is eligible to receive 100% of employee withholding taxes for 10 years.

  • Prohibits retail establishments, professional sports stadiums, and casinos from receiving this tax credit (Sec. 9).

Full Bill Text

Title: Establishes Tax Incentives for Job Creation

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