Government Financial Help for Michigan Small Businesses
Michigan small businesses that are relocating or making building/property improvements may be eligible for grants or tax abatements.
Supporting Michigan Small Businesses
Under a number of laws, many localities offer grant funds for Michigan small businesses to make improvements to their business or property. Including:
- Downtown Development Authority Act (DDA): Amended to provide additional tools and resources for downtown and commercial district revitalization. Additionally, the amendments allowed DDAs to establish neighborhood improvement authorities to support commercial areas outside of traditional downtown districts.
- Brownfield Redevelopment Financing Act: Revised to enhance the redevelopment of contaminated or functionally obsolete properties. Moreover, financing mechanisms like tax increment financing (TIF) were created to incentivize investments.
- Commercial Redevelopment Act: Enacted to facilitate the redevelopment of blighted, obsolete, or functionally impaired commercial properties. This act incentivized businesses financially and regulatorily to invest in underutilized or declining commercial properties.
- Plant Rehabilitation and Industrial Development Districts Act: Revised to provide incentives for the rehabilitation, expansion, and development of industrial facilities and plants. The amendments offered tax incentives and tax abatements for businesses that were investing in the renovation, expansion, or construction of eligible industrial facilities.
Finally, Michigan passed these laws to provide support for small businesses throughout the state. Aiming to provide financial incentives and tax benefits to encourage the revitalization of downtown areas, redevelopment of contaminated properties, renovation of commercial properties, and development of industrial facilities. The intended purpose of these initiatives was to create job opportunities and stimulate economic growth in the state.
We Help Small Businesses
If you’re considering making improvements to your business buildings or property, find out which grants or tax abatements are available. Fausone & Grysko, PLC has applied these laws extensively in making grant and tax abatement decisions. Additionally, to learn more about these business grants and tax abatements, contact us at (248) 380-0000 or message us online.