Mich. OKs more tax incentives after running out

LANSING, MI – Michigan lawmakers are agreeing to award more tax incentives for economic development this year, as long as the state reports the number of jobs created and retained by companies getting the tax credits.

The state Senate today overwhelmingly approved a package of four bills after reaching a compromise with the House and Gov. Jennifer Granholm's administration. Granholm is expected to sign the legislation once the House finishes voting next week.

The governor has warned some economic development projects may not go through without legislative action. The state would be out of tax credits for 2009 if the bills didn't pass.