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Tue July 21, 2009
Granholm calls for more business tax incentives
By Rick Pluta, Michigan Public Radio Network
LANSING, MI – Governor Granholm and members of her administration say they need more tax credits to lure businesses to the state. The Michigan Economic Growth Authority has reached the limit of how many tax breaks it can give out this year.
Greg Main is the president of the Michigan Economic Development Corporation. He says that Michigan will lose business to other states without more credits.
"We are not going to be able to go forward with a number of projects, uh, with companies that we're working with right now," he says. "That is going to be a challenge for us. It is, in many ways, a unilateral disarmament. We will have to simply stop competing for these kinds of investments and jobs."
Main says there is a bill to expand the number of credits before the state Senate Finance Committee. The Republican chairwoman of the committee says she wants the Granholm administration to offer better proof of how well the tax breaks are working before she approves more.