| State: |
MI |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Jobs Credits |
| Description: |
1. MEGA STANDARD JOB CREATION TAX CREDIT: MEGA Job Creation Tax is available to companies creating new jobs either through expansion or relocation. Manufacturing, mining, R&D, wholesale and trade, office operations, film and digital media and certain tourism projects are eligible. Retail facilities are not eligible. Credits are refundable and may be awarded up to twenty years at 100%.
2. MEGA RURAL JOB CREATION TAX CREDIT: MEGA Rural Job Creation Tax is available to companies creating new jobs either through expansion or relocation. Manufacturing, mining, R&D, wholesale and trade, office operations, film and digital media and certain tourism projects are eligible. Retail facilities are not eligible. This credit is available to companies locating in counties with populations less than 90,000. Credits are refundable and may be awarded up to twenty years at 100%.
3. MEGA RETENTION TAX CREDITS: MEGA Retention Tax Credits are available to companies considering a business closure. Manufacturing, mining, R&D, wholesale and trade, office operations, film and digital media and certain tourism projects are eligible. Retail facilities are not eligible. Credits may be awarded up to twenty years at 100%.
4. DEFENSE CONTRACTING MBT TAX CREDIT: Tax credit to help companies procure defense contracts from the Dept. of Defense, Dept. of Energy and the Dept. of Homeland Security. It is a refundable tax credit and is based upon the new jobs created as a result of the federal contract awarded.
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| Eligibility Requirements: |
1. Companies must create at least 50 new jobs by the first year of the credit, every job must pay at least 150% of the Federal Minimum Wage, employees must work at least 35 hours a week and the jobs must be retained for the life of the credit. Construction may not begin until after the credit has been awarded.
2. Companies must create at least 5 new jobs by the first year and 25 new jobs by the fifth year of the credit, every job must pay at least 150% of the Federal Minimum Wage, employees must work at least 35 hours a week and the jobs must be retained for the life of the credit. Construction may not begin until after the credit has been awarded.
3. Companies must retain not fewer than 50 jobs, make new capital investment equal to $50,000 or more per job, certify without the credit the facility will close, pay at least 150% of the Federal Minimum Wage, employees must work at least 35 hours a week and the jobs must be retained for the life of the credit.
4. The company must create a minimu of 25 new jobs, bid and win a federal contract from one of the above federal departments, maintain a level of jobs equal to or greater than the number of jobs prior to the contract and employees must work at least 35 hours per week. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
Michigan Economic Development Corporation |
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