LANSING – State Representative Barb Byrum (D-Onondaga) today threw her support behind two new tax incentives that will slash $600 million in personal property taxes for businesses and keep more money in the pockets of Michigan residents who purchase new cars.
"Rewarding companies that invest in Michigan and create good-paying jobs is key to moving our state forward," Byrum said. "Reducing personal property tax rates paid by businesses will make Michigan a magnet for new industries and good-paying jobs. This plan will help jumpstart our economy and get Michigan back on track."
The plan will reduce the personal property tax businesses pay by $600 million annually, providing a needed boost to existing state businesses while also attracting new businesses to Michigan. Some businesses may see taxes slashed by half of what they currently pay in personal property taxes.
In a move to help the auto industry, the plan also includes a $180 million tax break for Michigan residents buying new cars. The plan will save consumers an average of more than $600 on the purchase of new vehicles, and will give the struggling auto industry a much-needed boost.
"Michigan's auto industry is the heart and soul of our economy," Byrum said. "Our economic growth plan not only bolsters our auto industry, it puts more money in the pockets of our working men and women. That is a winning combination."