InvestUp has compiled information and resources for small businesses, major employers, entrepreneurs and others regarding our response to the economic impact of COVID-19. Please visit Update906.com for more information.
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.
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
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
Strategic Trade Export Program
Industrial Property 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 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.