Michigan approves tax breaks for companies that add jobs

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Qualified companies that create hundreds or thousands of Michigan jobs will receive tax incentives under bills approved by lawmakers Wednesday, six years after Gov. Rick Snyder and fellow Republicans replaced such breaks with a scaled-back economic development program.
Snyder has been pushing the Legislature to approve the “Good Jobs” program this summer, hoping it will help persuade Taiwanese electronics contractor Foxconn to build a 5,000-employee display panel factory in the state. A decision is expected by early August, but as many as six other states may be in the hunt for the factory or other Foxconn projects.
Advocates contend that the new incentives, which will be capped at $200 million a year, are structured better than those Michigan used to offer and will help it compete with other states to land new, good-paying jobs. Critics argue that they amount to “crony capitalism” and come at the expense of individual taxpayers who also deserve breaks.
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