Snyder signs job creation bills into law
Rochester Hills — Gov. Rick Snyder on Wednesday signed into law a package of bills aimed at fostering job creation in the state.
Snyder officially signed the "Good Jobs for Michigan" legislation at a field on Hamlin near Adams. City officials said the field of 100 acres was once a softball center and is currently available for development.
"We didn't have a tool for larger company opportunities," Snyder said. "And in some cases, we weren't put on the list for consideration. By having this tool in our tool box, we'll now be much more in consideration and have many more opportunities."
The governor was joined at a special signing ceremony by a bipartisan group of lawmakers, economic development officials and union representatives.
Matthew Gibb, deputy Oakland County executive and head of the county’s economic development arm, praised the governor and legislators for the new law.
"The tools that come with a bill like this very, very important," he said. "This is more than about landing one or two big companies. It's more about building a business case for the state of Michigan. It gives us the opportunity to compete."
Under the legislation, businesses that meet certain requirements will be allowed to keep a portion of the income tax generated by their new hires.
To receive the tax incentives, companies must create at least 250 jobs that pay 125 percent or more of the region's average annual wage, or at least 500 jobs that pay the region's average annual wage or more. Certain industries, such as retail and jobs at sports stadiums, are exempt.
Companies that receive the incentives would be subject to annual audits and be required to sustain their investments.
The Good Jobs for Michigan package includes state Senate bills 242-244.
State Sen. Jim Stamas, R-Midland, introduced bill No. 242, state Sen. Wayne Schmidt, R-Traverse City, introduced bill No. 243, and state Sen. Steve Bieda, D-Warren, was the primary sponsor of bill No. 244.
All three were introduced to the Senate on March 15 and passed on July 12. The bills were presented to Snyder on July 14.
“The worldwide competition for new investment and new jobs is tough, and this performance-based incentive will help our state attract thousands of good jobs with good wages to Michigan,” Stamas said Wednesday in a statement.
“This transparent, capped and accountable initiative will help us build on the positive business foundation we have strengthened over the last seven years. Most importantly, it will help allow for the creation of well-paying jobs for Michigan workers while also protecting our taxpayers and communities.”