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City of Buchanan Michigan’s Tax-Free Renaissance Zones
Renaissance zones are regions of the state set aside as virtually tax-free for any business or resident presently located in or moving to one of the zones – and there is no paperwork. The program has been so successful that it has been expanded to 20 zones from the original 11 established in 1996. With this expansion to 20 zones, there are now 112 geographic areas in Michigan that are virtually tax-free.
The taxes that companies and residents do not pay are nearly all the state and local taxes levied on business activity. They are:
• Single business tax
• State personal income tax
• 6-mill state education tax
• Local personal property tax
• Local real property tax
• Local income tax
• Utility users tax
Taxes still due are those mandated by the federal government or local bond obligations:
• Social security tax
• Unemployment compensations
• Workers’ compensation
• Sewer and water fees
• Property taxes resulting from local bonded indebtedness or special assessments
• State 6 percent sales tax (Michigan does not allow local sales taxes)
Although there may be other assistance we can offer you, some of the possible incentives/ programs that may be available to you or your client include the following:
• Local Property Tax Abatement
A 50% reduction of property taxes is provided for a period of up to 12 years for new land improvements, building improvements, machinery, equipment, furniture, and fixtures not currently on Michigan tax rolls.
• Pollution Control Abatement
A 100% property abatement on equipment used to control water or air pollution.
• Youth Registered Apprenticeship Tax Credit
A tax credit of up to $2,000 annual per apprentice who train, high school students (younger than 20 years of age) in registered apprenticeship program.
• Inventory Tax
None
• Job Training
Michigan Works is committed to using its Employment Resource Center to assist in recruiting, screening, testing, customize training, etc. Job training funds may be available to assist your company.
• Small Business Development Center
Lake Michigan College houses the Small Business Development Center (SBDC). SBDC provides business assistance services, which includes counseling, training, research and advocacy.
• M-TECsm
We have two area M-TECsm’s (Michigan Technical Education Centers), Lake Michigan College and Southwestern Michigan College. The M-TECsm’s can provide technical training in advanced manufacturing processes.
Our area and strategic location supports a strong business environment encouraging growth, stability and longevity.
Brownfield Redevelopment
"Brownfield" is a term to describe an old problem, namely, the obstacle to industrial or commercial property redevelopment caused by the threat of liability for existing contamination. In Michigan, that obstacle has been removed. Buyers and lenders are now reliably protected from liability under Michigan law.
Legislative reforms and financial incentives offer new opportunities for brownfield redevelopment.
Incentives
Public Act 143 of 2000 enacted a new brownfield credit under Section 208.38g of the Single Business Tax (SBT) Act. A “qualified taxpayer” may claim a credit against the SBT, provided the taxpayer has a pre-approval letter issued after 12/31/99 and before 1/1/2003 and the project is completed not more than 5 years after the pre-approval letter is issued.
• If the total of all credits for the project is $1 million or less, the credit is based on 10% of the eligible investment.
• If the total of all credits for the project is greater than $1 million but not more than $30 million, a credit is available for a percentage of eligible investment to be determined by the Michigan Economic Growth Authority (MEGA), but not to exceed 10% of the eligible investment. Certain location restrictions apply to these credits.
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©2005 Southwest Michigan Economic Growth Alliance, Inc.
1105 N. Front Street, Niles MI 49120 ph: 269-683-1833 fx: 269-683-7515 contact@michigan-business.info |
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