LANSING – A package of bills outlining the proposed structure of a $100 million business development fund to replace the state’s soon-to-expire tax credit system was signed into law Tuesday by Governor Rick Snyder.
The Michigan Business Development and Michigan Community Revitalization Programs replace the state’s previous Michigan Economic Growth Authority, Brownfield and Historic tax credit programs.
“We have worked diligently to build a friendlier business climate in Michigan to help drive Michigan’s economic turnaround,” Snyder said in a statement. “These programs will better leverage our state’s assets in ways that are simple, fair, efficient and transparent.”
Signed were SB 556 (PA 250), SB 566 (PA 251), SB 567 (PA 252), SB 568 (PA 253) and SB 644 (PA 254). All bills were signed and filed with immediate effect.
OTHER BILLS: Snyder also signed HB 4293 and SB 194 , legalizing consumer-grade fireworks, bringing to an end Michigan’s long-time ban on using fireworks that shoot up into the air. The bill had not yet been filed with the Office of the Great Seal, so no public act number had yet been assigned.
“With the signing of these bills today, it places Michigan on an equal playing field and generates much-needed revenue and jobs to our state,” said Rep. Harold Haugh (D-Roseville), who has championed the issue for years and sponsored the House bill.
Snyder also signed SB 166 , eliminating the so-called bad driver fees assessed to people driving with an expired license or no proof of insurance. That bill also had not yet been filed.
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