April 11, 2006
April 11, 2006
LANSING – Governor Jennifer M. Granholm today signed legislation establishing new renaissance zones in Wixom, Gaylord, Walker, and Midland. The bill also modifies renaissance zones in the communities of Benton Harbor, Carson City, and Edmore.
The Governor also signed legislation to provide a tax credit through the Michigan Economic Growth Authority (MEGA) to a company in Ontonagon County. These bills are part of the Governor’s comprehensive plan to keep jobs we have and create new jobs by promoting economic development in Michigan communities.
“This is great news for companies looking to expand and grow jobs here in Michigan,” Granholm said. “Renaissance zone designations and targeted tax credits provide communities with important tools for strengthening their business climate for years to come.”
Public Act 116 (Senate Bill 922) amends the Michigan Renaissance Zone Act to allow the expansion of the renaissance zones in Wixom, Gaylord, Walker, and Midland to attract development. Boundaries of the renaissance zone may not be altered without the assistance of legislation. This bill modifies existing zones in Benton Harbor, Carson City, and Edmore to attract redevelopment and entice economic growth and expansion in their area.
The Michigan Renaissance Zone Act was enacted in 1996 to encourage commercial, industrial, and residential improvements in economically distressed areas in the state. Renaissance zones are geographic areas that are virtually tax-free for any business or resident located in or moving into one of the zones.
Public Act 117 (House Bill 5640) amends the MEGA act to make Smurfit and Stone Container Corporation located in Ontonagon eligible for single business tax credit. The Governor expressed appreciation for Senator Mike Prusi’s (D-Ishpeming) leadership on this important economic development issue.
Senate Bill 922 was sponsored by Senator Ron Jelinek (R-Three Oaks). House Bill 5640 was sponsored by Representative Tom Casperson (R-Escanaba).
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