Small Business Grants logo Everything To Know About
Small Business Grants and More

Home About Us Find/ Apply For Grants News/Blog Resources What To Know

  THE SMALL BUSINESS FUNDING BLOG  

Sunday, November 24, 2013

Michigan Considered One of the Best Business Environments in the Country

Michigan Economic Development Corporation
Grants are a great way to get funding for businesses, but there are other incentives offered through city governments that can also put more money in the pockets of small business owners. The state of Michigan offers some of the best incentives that make it a great place to start a business.

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.

Property taxes

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.

Sales tax

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
SHARE THIS PAGE: