Sunday, November 24, 2013
Michigan Considered One of the Best Business Environments in the Country
Personal income tax
Michigan has one of the lowest personal income tax rates in the country. It is currently 4.35 percent and is expected to go even lower over the next few years.
Corporate income tax
This tax comes in at a low 6 percent.
Michigan's property tax system includes tax breaks on personal property taxes for businesses, 65 percent for industrial, and 23 percent for commercial businesses. Other tax breaks for businesses include up to 100 percent tax abatements on rehabilitation projects, and 50 percent real and personal property tax abatements for high technology companies for up to 12 years.
There is no local sales tax, and state sales tax is 6 percent. In addition, there is no state sales tax on pollution control equipment, manufacturing machinery and equipment, and electricity and natural gas that is used for production.
Michigan also has favorable unemployment insurance and workers compensation programs, loans and non-tax related incentives for small and mid-sized businesses.
For more information, visit www.michiganbusiness.org/grow/incentives-taxes/?utm_source=google&utm_medium=cpc&utm_term=small%20business%20grants&utm_content=esTpCdOM&utm_campaign=google&gclid=CODVzMT4_roCFYhcMgodNDwAMg#incentives