tax breaks

What did we get for all those tax breaks to corporations?

Tracy Samilton — Tue, 04 Dec 2012 18:27:15 +0000

A New York Times analysis casts doubt on the effectiveness of all those tax breaks Michigan cities have been giving to corporations in return for new jobs - or just to keep them from leaving town.

The story prominently features tax breaks given to General Motors, before the automaker filed for bankruptcy.

In the end, the money that towns across America gave General Motors did not matter.....

State lawmakers halt fetal tax exemption bills

Jake Neher — Mon, 26 Nov 2012 22:41:25 +0000

It appears legislation to allow people to claim a fetus as a dependent on their state taxes has stalled.

Plans to vote on the bills were scrapped, and they were removed from Monday’s state House Tax Policy Committee agenda.

Opponents of the measures called them a backhanded attack on access to abortions.

Committee Chairman Jud Gilbert said the issue has become too contentious.

Commentary: Budget Follies

Jack Lessenberry — Thu, 24 May 2012 14:14:34 +0000

There is something to be said for one party controlling both the executive and legislative branches of government. This year, for the second year in a row, the state budget will apparently be passed by the beginning of June. That’s a big change from a few years ago.

Twice during the Granholm years, the parties were still squabbling over the books when the fiscal year expired at the end of September. And bad last-minute choices were made.

Governor Rick Snyder and GOP legislative leaders reach budget deal that could lower income taxes

Rick Pluta — Thu, 24 May 2012 10:51:06 +0000

It appears a budget deal between Governor Rick Snyder and the Legislature’s Republican leaders could include an election year tax cut. An early version of the proposal would accelerate a drop in the state income tax rate and increase the personal exemption.

The governor and G-O-P leaders want to wrap up the budget by the end of next week.

Governor Snyder says he was skeptical at first, but he says revenue projections look promising enough to at least start talking about a tax cut for individuals and families.

Dems call for hiring tax break, credit help for small businesses

Rick Pluta — Mon, 14 Nov 2011 21:26:19 +0000

Democrats in Lansing have outlined a package to help small businesses grow and hire unemployed people.

The plan includes taking a portion of the money that’s in a state trust fund and investing it in local banks and credit unions to make small business loans.

State Representative Vicki Barnett said that will help small businesses having trouble getting credit from larger banks and investment funds.

“We know that a very teeny investment can have huge dividends in terms of job creation and access to capital,” said Barnett.

“There is no other state that I know of that is taking this approach to aggressive investment – doing things they already do with taxpayer money and targeting it to grow jobs in their own state,”she added.

The Democratic package would also allow small banks and credit unions to pool their finances to invest in larger projects.

Barnett says that would make larger loans possible while allowing the institutions to share the risk.

The plan also calls for a tax credit for small businesses that hire long-term unemployed people and veterans.

Republicans shy away from job creation credits. They say the state should not single out specific businesses for tax breaks.