FOR IMMEDIATE RELEASE
Tuesday, Dec. 13, 2005
Contact: Rep. LaMar Lemmons Jr.
Phone: (517) 373-0106
Contact: Rep. LaMar Lemmons III
Phone: (517) 373-1776
LANSING - House Democrats today overwhelmingly approved a major aid package for Michigan's beleaguered manufacturers, providing a 100 percent personal property tax cut for companies that invest in Michigan and a 15 percent tax credit on a company's personal property taxes. The plan now goes to Governor Jennifer M. Granholm for final approval.
"People want jobs and they want a better economy," Rep. LaMar Lemmons Jr. (D-Detroit) said. "This plan will attract new investment in Michigan and it will give Michigan workers an opportunity to land good-paying jobs."
The 100 percent personal property tax cut applies during 2006 and 2007 and is designed to encourage companies providing good paying manufacturing jobs to consolidate their national operations in Michigan. The plan extends tax cuts specifically for Delphi and Visteon to help the auto supply companies, both major Michigan employers, rebound.
The cuts in manufacturers' Single Business Tax were part of the Governor's plan to support struggling companies like Delphi and Visteon and encourage the growth of new manufacturing jobs.
"We have to help our manufacturers succeed if we want to compete in a global market," Rep. LaMar Lemmons III (D-Detroit) said. "We have to show manufacturers that we support them and that Michigan is an attractive place to do business."