Incentives

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Financing And Incentives

A 2017 CNBC poll of Top States for Business ranked Michigan 11th overall. Workforce was ranked 13, technology and innovation came in at 9, and cost of living took 3rd place. Want more? Michigan is ranked in the top 10 best states for both corporate and sales tax rates.

Incentives

A competitive workforce, affordable cost of living, and nature-based lifestyle are among the Upper Peninsula region’s distinct advantages. Our communities will welcome your business with incentives. In partnership with Michigan Economic Development Corporation (MEDC) we are here to help match your business with the perfect location and all available tax incentives. We’re committed to helping your business thrive. While each community may offer unique incentive programs, generally you can ask about any of the following programs:

  • Agribusiness Financing Programs
  • Obsolete Property Rehabilitation Act
  • Brownfield Tax Increment Financing
  • Participation Program
  • Business Development Program
  • Pure Michigan Business Connect
  • Community Development Block Grant
  • Skilled Trades Training Fund
  • Community Revitalization Program
  • State Small Business Credit Initiative
  • Capital Access Program
  • State Trade and Expert Promotion
  • Economic Gardening
  • Strategic Trade Export Program
  • Industrial Property Tax Abatement
  • Tax Abatement
  • Local Development Financing Act
  • Taxable Bond Financing
  • Michigan Business Growth Fund Loan
  • Tax Increment Financing
  • Michigan Community Revitalization Program
  • 21st Century Jobs Fund

Opportunity Zones

Opportunity Zones are a new concept recently enacted in the 2017 Tax Cuts and Jobs Act. The program is designed to incentivize patient capital investments in low-income communities nationwide that have been cut off from capital and experienced a lack of business growth. There are three types of tax incentives that relate to the treatment of capital gains, each of the incentives are connected to the longevity of an investor’s stake in a qualified Opportunity Fund that provides the most upside to those who hold their investment for 10 years or more.