Economic Incentives & Tax Credits
High impact incentives for small businesses in Michigan
Through a variety of programs and resources, Michigan offers personalized assistance for businesses starting, relocating or expanding operations in the state. In addition, Michigan ranks among the top 10 states for major new and expanded facilities due to a fair and efficient 6% corporate income tax and $500 million in annual business savings through the elimination of industrial personal property tax. The Michigan Economic Development Corporation offers highly competitive, performance-based incentives that are designed to assist existing and growing companies with business expansion or relocation plans in Michigan. To be eligible for incentives, your business must be considering a project that will bring or retain high-quality jobs and investment to Michigan. These incentives are intended to mitigate opportunity costs of moving forward with a project in Michigan when considering other competing sites.
Top tax incentive programs for small and medium-sized businesses in Michigan
Michigan Business Development Program
The MBDP is designed to provide grants, loans and other economic assistance to businesses for highly competitive projects in Michigan that create jobs and/or provide investment and results in a net-positive return to Michigan.
Michigan Border County Incentives
The Michigan Border County Incentives provides tax advantages and incentives to businesses located in designated border counties in the state.
Jobs Ready Michigan
The Jobs Ready Michigan program (the “program”) was created by the Michigan Strategic Fund (“MSF”) to meet the talent needs of companies that are expanding or relocating to Michigan.
Michigan Community Revitalization Program
The focus of the MCRP is to encourage and promote structural renovations and redevelopment of brownfield and historic preservation sites located in traditional downtowns and high-impact corridors.
Critical Industry Program
The CIP provides qualified investments to qualified businesses for deal-closing, gap financing, or other economic assistance to create or retain qualified jobs as a result of a technological shift in product or production or make capital investment.
Industrial Facilities Exemption
The Industrial Facilities Exemption, provides a tax incentive to manufacturers to enable renovation and expansion of aging facilities, assist in the building of new facilities, and to promote the establishment of high tech facilities.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.