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Incentives:
Incentives that may be offered by local
units of government in the City of Manistique and
Schoolcraft County Township’s to industrial businesses.
Public
Act 198 of 1974:
This abatement applies to buildings, building
improvements, machinery, equipment, furniture and
fixtures. This Abatement does not cover existing
buildings and equipment which existed prior to construction
of a new facility. This abatement may be granted
for a period of 5 to 12 years for one-half of the
taxable value of the project or equipment, according
to the tax abatement policy of the municipality.
Recent legislation has expanded the definition of
“industrial property” to include high-technology
activity as defined in the MEGA ACT: Advanced Computing,
Advanced Technology, Product Research and Development,
Advanced Vehicles Technology. Schoolcraft County
Industrial Park designated an IFT district
Public Act 328:
The city of Manistique may offer an additional tax
abatements in new personal property (property not
previously subject to property taxes in any other
Michigan jurisdiction) Eligible projects include
manufacturing, mining, research and development,
wholesale trade, and office operations. Retail businesses
and casinos are not eligible. This includes personal
property already in Michigan, but exempt for another
reason, such as property receiving a P.A. 198. City
of Manistique Industrial Park designated an IFT
district.
Tax Increment Financing:
Tax increment financing is the process of capturing
incremental tax revenue and earmarking that money
for public improvements which are reflected in the
development plan for the authority area. If a site
that you are interested in is in a tax increment
authority district, the authority may be able to
fund improvements that you need to develop the site.
Existing Tax Incentives:
Community Development Block Grant - CDBG
CDBG provides a community the ability to apply for
up to $10,000 per job (either created or retained)
within a period of two years. The grant is to provide
public infrastructure improvements (roads, water,
sewer, etc.) necessary for the location, expansion
or retention of a specific industrial company.
Workforce Training
Incentives:
Michigan Works!
On-the-job training provides full-time, paid employment
for eligible participants while they are updating
or learning new skills. An eligible participant
is a person who is classified as being a disadvantaged
youth or adult, displaced worker, or an underemployed
worker. The requirements for participation are that
the job must be full-time (a minimum of 30 hours
per week), and at least minimum wage. The funds
are used to pay for the costs associated with training
only. They are not used to supplement salaries.
The monies can be used for books, materials, instructor
fees, etc.
Michigan Economic Growth Authority
- MEGA
MEGA allows the State of Michigan to provide a tax
credit to eliminate the SBT liability on expansion-related
expenses
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