LANSING – State Rep. Gino H. Polidori (D-Dearborn) today threw his support behind 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.
"An investment in the manufacturing sector is an investment in Michigan's economy and our future," Polidori said. "Manufacturing is at the heart of Michigan's economy, and we must do everything we can to strengthen this vital sector. This plan is good for businesses and it's good for working families."
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 Governor Jennifer M. Granholm's plan to support struggling companies like Delphi and Visteon and encourage the growth of new manufacturing jobs.
"Under this plan, we've simplified the business tax, made it fair to companies and put in place the tools to make Michigan a great place to do business," Polidori said. "I give credit to the Governor for giving us the vision and the leadership that will move Michigan's economy forward and help us create good-paying jobs."