News: The Michigan Legislature and Governor Granholm should use a greater portion of the state's future tobacco settlement payments for business tax relief now, says the Michigan Chamber of Commerce.
In response to a proposed compromise agreement on tax relief and economic development investment between Governor Granholm, Senate Majority Leader Ken Sikkema, and House Speaker Craig DeRoche, the Michigan Chamber today called for providing greater tax/regulatory relief for businesses rather than setting up more government grant and loan programs.
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"It is better to allocate more of the $1 billion in tobacco settlement funds for expanded personal property tax relief and lowering the Single Business Tax (SBT) rate immediately than expanding state government's effort to pick 'winners' through a $1 billion grant and loan process," said Michigan Chamber President & CEO Jim Barrett. "We strongly believe more timely and substantial tax relief for business will lead to greater investment and job creation."
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