Le Lézard
Classified in: Business
Subjects: LEG, ACC

Michigan Enacts "Good Jobs" Bill to Incentivize Businesses' Economic Development


DALLAS, Oct. 4, 2017 /PRNewswire/ -- On July 26, 2017, Governor Rick Snyder enacted Senate Bill 242 into law. This program, commonly referred to as the Good Jobs for Michigan bill, is designed to incentivize businesses to create large-scale employment that pays above-average wages. The program will allow for a refund to the company of personal income tax withholdings on qualified new employees. This law is effective immediately and may be utilized in conjunction with other economic development incentives.

The Good Jobs for Michigan program contains two tiers of eligibility. In the first tier, businesses that create a minimum of 500 new jobs and pay wages at or above the regional average wage would be eligible to capture up to 50% of the personal income tax withholdings of the new employees for up to five years. In the second tier, businesses that create a minimum of 250 new jobs and pay wages at 125% or more of the regional average wage would be eligible to capture up to 100% of the personal income tax withholdings of the new employees for a period up to ten years. Before receiving an annual disbursement, companies will be required to comply with headcount and wage verification every year until the expiration of their contract.

The program has a cap of 15 projects per year, with a rolling cap of $200 million for all projects. If the fund approves fewer than 15 written agreements in a year or if a company forfeits any portion, the unused funds may carry forward into future calendar years.

Companies considering Michigan for investment and hiring should act soon, given the competitive nature of the program.

About Ryan
Ryan, an award-winning global tax services and software provider, is the largest firm in the world dedicated exclusively to business taxes. With global headquarters in Dallas, Texas, the Firm provides an integrated suite of federal, state, local, and international tax services on a multi-jurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 14,000 clients in more than 45 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.

Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the sixth largest corporate tax practice in the United States. (PRNewsFoto/Ryan)

TECHNICAL INFORMATION CONTACTS:

Allea Newbold
Principal
Ryan
813.228.7100
[email protected]

Paul Lo
Director
Ryan
212.871.3901
[email protected]

 

SOURCE Ryan


These press releases may also interest you

at 22:00
Partners Value Split Corp. (the "Company", TSX: PVS.PR.F, PVS.PR.G, PVS.PR.H, PVS.PR.I, PVS.PR.J, PVS.PR.K) announced today that the net asset value per unit was $124.10 at December 31, 2023 (December 31, 2022 ? $95.95). All amounts are in U.S....

at 22:00
Partners Value Investments L.P. (the "Partnership", TSX: PVF.UN TSX:PVF.PR.U) announced today its financial results for the year ended December 31, 2023. All amounts are stated in U.S. dollars. The Partnership recorded net income of $15...

at 22:00
Partners Value Investments Inc. (the "Company", TSX: PVF.WT, PVF.PR.V) announced today its financial results for the year ended December 31, 2023. All amounts are stated in U.S. dollars. The Company recorded a net loss of $333 million for the year...

at 21:50
Discovery Silver Corp. ("Discovery" or the "Company") today announced financial results for the three and twelve months ended December 31, 2023 ("Q4 2023" and "2023", respectively). The Company also provided a summary of key events since the...

at 21:35
This news release for Sagicor Financial Company Ltd. ("Sagicor" or the "Company") should be read in conjunction with the Company's Management's Discussion & Analysis ("MD&A") and the Consolidated Financial Statements for the period ended December 31,...

at 21:35
Drake's Brewing Co., an award-winning craft brewery based in San Leandro, is proud to...



News published on and distributed by: