INDUSTRIAL INCENTIVES
Industrial Incentives
MI SITES PROGRAM
MBDP is available to eligible businesses that create qualified new jobs and/or make qualified new investment in Michigan. The Michigan Strategic Fund (MSF) can provide a performance-based grant, with preference given to eligible businesses seeking to locate or expand in Michigan rather than in another state. Grants will include flexible terms and conditions and will include repayment provisions under circumstances approved by the MSF. MSF support in the form of a loan will also be performance based, with preference given to qualified businesses needing assistance to expand in Michigan. Loans may include flexible terms and conditions, including below market interest rates, extended grace and repayment provisions, forgivable terms and flexible security requirements. Loans will also include provisions requiring repayment of loan funds under circumstances approved by the MSF. A commitment of staff, financial or economic support by the local municipality is required for all projects. The MSF will not provide support under this program for retail or retention projects. MICHIGAN BUSINESS DEVELOPMENT PROGRAM (MBDP)
The MI Sites program is a comprehensive site readiness program designed to build a strong portfolio of ready sites through the identification, analysis and marketing of the most developable industrial sites in the state of Michigan. Consistent statewide criteria positions Michigan to better compete for current and future projects by identifying the strengths of each industrial property and providing insights which are used to optimize the path for enhanced readiness. Training and guidance will be provided to applicants at each step in the process to promote success.
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Industrial property tax abatements provide incentives for eligible businesses to make new investments in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate aging plants, or add new machinery and equipment. High technology operations are also eligible for the abatement. Tax benefits are granted by the legislative body of the city, township or village in which the investment will be located. Abatements under PA 198 can significantly reduce property taxes on new investment for eligible firms. INDUSTRIAL FACILITIES TAX ABATEMENT (PA 198)
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