Financial assistance is available to help offset the cost of redeveloping contaminated, blighted or functionally obsolete property. Utilizing tax increment financing, which captures the new property taxes generated by a development project, a business can be reimbursed over time for certain eligible activities.
Additional information is available through the following state agencies:
Industrial property tax abatements provide incentives for Michigan manufacturers to build new plants, expand existing plants, renovate aging plants or add new machinery and equipment. High-technology operations are also eligible.
This abatement allows distressed communities, county seats and certain border county communities to abate personal property taxes by the full millage rate on new investments by eligible businesses.
Procurement Technical Assistance Centers (PTACs) are the first step in receiving government contracts and can assist companies throughout the entire process: registering to become a government contract, identifying bid opportunities, simplifying the bidding process, helping expedite payments through electronic invoicing, and evaluating contract awards.
This grant-funded program at WMU is designed to create more energy efficient and environmentally benign processes to enhance productivity and increase manufacturer’s output. The initiative’s team includes engineering students who provide the actual assessment and recommendation.
The information provided above is only a summary of the most current information available. The Marshall Economic Development Alliance assumes no liability for its use in legal, tax, accounting or other professional matters. Please consult a tax specialist when considering all business ventures.