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Thu March 26, 2009
Dems propose tax break for auto suppliers
By Rick Pluta, Michigan Public Radio Network
Lansing, MI – Democrats at the state Capitol are calling for some up-front financial help for automotive suppliers that consolidate their operations in Michigan.
There are about five thousand automotive suppliers in the US.
And state House Speaker Andy Dillon says he expects about half of them will be downsizing and combining their operations in the coming year.
He says up front tax breaks could convince them to move operations from other states to Michigan.
The incentives would cost the state Treasury about $250 million in lost revenue.
Dillon says he thinks the state could recoup that money by attracting more tax-paying businesses.