LANSING – State Representative Terry Brown (D-Pigeon) today announced a new tax incentive that will slash $600 million in personal property taxes for businesses.
"We need an infusion of jobs in the Thumb and throughout Michigan, and this tax break will help attract successful businesses that need workers," Brown said. "There is nothing more important than making sure that our residents have the opportunity to work at good-paying jobs in their communities. This plan goes a long way toward making that happen.
"We have to do everything we can — right now — to save Michigan residents from being left behind in the 21st century global economy."
Brown's plan will reduce the personal property tax that businesses pay by a total of $600 million a year.
Some business may pay up to 50 percent less in personal property taxes than they do now. The change will bolster existing businesses in the state while rewarding new ones that decide to make Michigan their home.
Brown's bill is part of an economic growth package that includes a tax break for Michigan residents buying new cars. The plan will save consumers an average of more than $600 on the purchase of new vehicles and will give the struggling auto industry a much-needed boost. That part of the economic stimulus plan offers a total tax break of $180 million.
"This plan puts cash back in the pockets of our hard-working residents while helping the auto industry at the same time," Brown said. "Families will have more money to spend on necessities such as groceries, which in turn will help local businesses. Everybody wins."