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Granholm: New Michigan Business Tax Key to State's Economic Future, Creating Jobs

June 15, 2007

LANSING - In her weekly radio address, Governor Jennifer M. Granholm today said the new Michigan Business Tax (MBT), which she and Legislative leaders agreed upon earlier in the week, will encourage job creation and make Michigan more competitive for businesses.
"This new Michigan Business Tax will ensure that our people have the tools they need to be competitive and successful in Michigan," Granholm said.  "This is a win for Michigan business, a win for citizens, and a win for our economy."
The MBT will provide a tax cut for more than seven out of ten Michigan businesses and will help stimulate the state's economy by relying more on profit and providing tax credits to companies that locate or create new jobs in Michigan.  It benefits both small businesses and major manufacturers while providing the same amount of revenue as the Single Business Tax that it is replacing.
Granholm said the new tax is an essential step in building a secure future for the state and emphasized the simplicity and fairness of the MBT, which will promote research and development, entrepreneurial ventures, and job creation.  The governor outlined the role of the MBT in Michigan's economic plan by highlighting its ability to attract cutting-edge industries.
Also this week, John Deere Wind Energy and the Wolverine Power Cooperative announced plans to build the state's first renewable energy wind farm - evidence that Michigan is at the forefront of cutting edge technology advances. Michigan's economic plan includes a particular focus on diversifying into alternative and renewable energy.

"With our new Michigan Business Tax, we will be even better positioned to bring more promising, job-creating projects to Michigan," Granholm said. "But now we need further progress on solving this budget crisis so that we can continue to push forward with Michigan's aggressive economic plan."

The governor's weekly radio address is released each Friday morning and may be heard on broadcast stations across the state through an affiliation with the Michigan Association of Broadcasters.  The address will also be available on the Governor's website on Mondays as a podcast for general distribution to personal MP3 players and home computers.

Broadcasters Note:  Governor Granholm's radio address can be accessed through Sunday evening exclusively through the Members Only page of the Michigan Association of Broadcasters Website.

Publishers Note:  The text of today's address is attached.