Michigan Moves Development Bills Forward

The Michigan Senate unanimously passed a package of bills extending one of the state's key MEGA business tax credits through 2009. The four bills approved Wednesday reauthorize the Michigan Economic Growth Authority tax credit. The credit is one of the tools the Michigan Economic Development Corp. uses to attract new businesses and encourage existing ones to expand or stay.

Meanwhile, a Senate committee considering a separate package of bills aimed at helping the tool and die industry stopped action on half the bills after hearing recently from state Treasurer Jay Rising. Rising said the tax incentives included in those bills would cost the financially strapped state $500 million.

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