Milestones in Michigan Economic Development Policies
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1934
1935 |
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Michigan passes Foreign Trade Zone Act to take advantage of 1934 Federal Foreign Trade Zone Act enabling legislation |
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| 1940 |
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| 1943 |
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Blighted Area Rehabilitation Act passed; urban blight statutorily defined; allows for the creation of Community Development Corporations |
| 1945 |
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| 1947 |
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Creation of the Michigan State Department of Economic Development; initial budget appropriation: $75,000 ($561,000 adjusted for inflation) |
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| 1950 |
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| 1955 |
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| 1960 |
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| 1963 |
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1963 PA 116 repeals the Michigan State Department of Economic Development Act of 1947 and creates the Department of Economic Expansion |
| 1965 |
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| 1966 |
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Michigan State Housing Development Authority Created |
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| 1970 |
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Michigan’s first Foreign Trade Zone approved for Port of Detroit |
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| 1973 |
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Foreign Trade Zone approved for port of Sault Ste. Marie |
1974
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Passage of the Economic Development Corporations Act that granted local units the color of "public purpose" when acquiring property for local development
Industrial Facilities Property Tax Abatement Program enacted
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| 1975 |
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Michigan passes enabling legislation for Downtown Development Authorities, the first statewide program to allow the use of tax increment financing |
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| 1978 |
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Commercial Facilities Property Tax Abatement Program enacted |
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| 1980 |
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Tax Increment Finance Authorities (TIFA) enabling legislation passed; program closed and replaced by more restrictive Local Development Finance Districts (LDFA) in 1986 |
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1984
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Michigan Strategic Fund formed; originally designed as a revolving loan fund in the Michigan Department of Commerce
Conditional Land Transfer Agreement Act passed; allows local units to share economic development projects without annexation or state boundary commission involvement
"Anti-pirating" provision of the Industrial Facilities Property Tax Abatement program repealed; replaced with "exit-visa" provision; decision on tax abatement grant given to local unit if they stand to lose 25 or more jobs
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| 1985 |
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Michigan Enterprise Zone Program enacted; original Enterprise Zone legislation drafted to include only the City of Benton Harbor
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| 1986 |
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Commercial Facilities Property Tax Abatement Program sunsets
Passage of the Local Development Finance Authority Act; LDFAs replaced the less restrictive TIFA Act passed in 1980 to limit tax increment finance districts to manufacturing, agricultural and high tech processes
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| 1987 |
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Appropriation made for economic development programs as administered by Department of Transportation, transportation Economic Development Fund Program (TEDF) now offers grants and loans in five categories
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| 1990 |
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Michigan Enterprise Zone Program amended to provide for a local zone administrator and to ease qualification standards for zone businesses claiming tax credits
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| 1992 |
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Neighborhood Enterprise Zone Program enacted |
| 1993 |
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Passage of Federal Empowerment Zone Program, awards made in Michigan for one Empowerment Zone (Detroit) and three Enterprise Communities (Flint, Muskegon, and Lake County)
Michigan Department of Commerce Eliminated by Executive Order; business assistance functions vested with Michigan Jobs Commission
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| 1994 |
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Enactment of Proposal A of 1994; State Education Tax Limited to six mills on homestead property; existing TIF districts held harmless for debt service
Michigan Economic Growth Authority formed; MEGA tax credit awards limited to 25 projects annually; program expanded in 2000 |
| 1995 |
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1996 |
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Brownfield Authorities and Tax Credit Program enacted
Michigan Renaissance Zones Program enacted
Michigan Enterprise Zone Program closes; replaced largely by Renaissance Zones
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| 1997 |
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Michigan Renaissance Fund created out of the Michigan Strategic Fund
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| 1998 |
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Passage of legislation to allow the waiver of personal property tax in designated areas, also known as PA 328s |
1999
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Michigan Jobs Commission eliminated by Executive Order; functions split into newly-created Michigan Economic Development Corporation and Michigan Department of Career Services; Michigan Strategic Fund moved to Department of Management and Budget
2.3% Single Business Tax phaseout begins (0.1 percentage point per year); SBT credit used as an incentive in numerous economic development programs in the state
Passage of Michigan Historic Preservation Tax Credit program; allows tax credits for up to 10 percent of approved costs associated with historic preservation efforts
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| 2000 |
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Passage of major expansion of Michigan’s Brownfield Tax Credit and Remediation law; changes include expansion of brownfield tax credit to $30M
Passage of Obsolete Property Rehabilitation Act; allows local units to establish obsolete property districts and tax credits for owners and lessors who rehabilitate or occupy obsolete properties |
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