A wide range of incentives are available to companies considering expanding in Oakland County. These incentives seek to attract and retain high-quality jobs for a highly-skilled work force, as well as maintain a vibrant economic environment for the business community. They include tax incentives, financing programs, job training incentives and assistance to redevelop brownfield sites. To learn more about available incentives programs select a topic from the links below.
Qualifying film and digital media productions can benefit from several new incentives from the state including production, work force and financing incentives.
Property Tax Abatements
These exemptions are offered solely at the discretion of the local unit of government. Policies and formulas for determining the term of years to be granted and other qualifications vary with each community.
Under state law, a Brownfield Redevelopment Authority is the way to access Tax Increment Financing. Tax credits, grants and loans are available to businesses that reuse contaminated, functionally obsolete or blighted properties.
This is a three part program that targets Michigan suppliers, particularly auto parts suppliers, that seek to diversify into emerging growth industries.
This program will supply cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers.
The MLPP will participate with lenders to finance diversification projects when faced with borrowers whose projected cash flows are considered speculative by the lender.
It provides for a tax incentive to encourage the redevelopment of obsolete buildings. The tax incentive is designed to assist in the redevelopment of older buildings in which a facility is contaminated, blighted or functionally obsolete.
The Federal Historic Preservation Tax Incentives program encourages private sector investment in the rehabilitation and re-use of historic buildings.
Tax credits are available for businesses engaged in research, development or manufacturing of alternative energy technology.
This program uses small amounts of public resources to generate private bank financing, providing small Michigan businesses access to bank financing that might not otherwise be available.
This Act allows distressed communities and county seats to abate all new personal property taxes in certain geographic areas to spur economic development.
In 2008, legislation was passed creating a new Defense Contracting Michigan Business Tax (MBT) Credit to help Michigan companies procure these federal contracts from the Department of Defense, Department of Energy, or the Department of Homeland Security. The Michigan Economic Growth Authority has the authority to award a refundable tax credit against the MBT to Michigan companies who successfully win a contract.
$45 million has been authorized from the 21st Century Jobs Fund to promote the development, acceleration and sustainability of energy excellence sectors in Michigan.
This program allows tax payment relief to companies located in recovery zones. Taxes not paid include Michigan Business Tax, state education tax, personal and real property taxes, and local income tax where applicable.
This provides over $2 billion over the next ten years to spark new investment, creating high-tech companies and jobs through loans, grants and equity investments.
Michigan Pre-Seed Capital Fund
The Michigan Pre-Seed Capital Fund was established to support high-tech start-up companies as they near commercial viability. The purpose of the Fund is to provide access to capital at an early stage of development and to position the company for external investment.
This fund is designed to expand funding opportunities for Michigan technology based companies in the federal innovative research and development arena. To that end, the Small Business & Technology Development Center (SBTDC) through the Michigan Strategic Fund (MSF) is dedicated up to $1.4 million to match federal funding opportunities for exceptional commercial opportunities in Michigan.
Michigan Manufacturing Technology Center
The Center offers direct technical assistance to small and medium-sized manufacturers to connect them to the best manufacturing practices and technologies available.
Oakland University's SmartZone Business Incubator (OU INC) provides entrepreneurial resources and strategic business solutions to develop intellectual property. The incubator supports existing and grows new technology-based and life science businesses with university resources, decision support technology, business counseling services and financial/capital acquisition assistance.
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