LANSING, MI (AP)-- A proposal to provide up to $250 million in annual tax breaks to attract larger-scale business expansions in Michigan won't be voted in the House before the term expires this month.
Rep. Lee Chatfield, who chairs the House Local Government Committee, cited Tuesday the recent budget ramifications of companies redeeming larger-than-expected tax credits awarded under Michigan's previous, recession-era economic development program.
The Senate-passed legislation would have authorized the Michigan Strategic Fund to strike 10-year deals with companies so they could keep income tax withholdings if they create a minimum number of jobs.
Other Senate-approved business incentives continue to be debated. Legislation backed by Detroit businessman Dan Gilbert and others would let developers keep up to $50 million annually in taxes generated from developing future "transformational" projects on contaminated brownfield sites.
