Lapeer Development Corporation

Tax credits, grants and loans are available to businesses that reuse contaminated, functionally obsolete or blighted properties.

Single-Business Tax (SBT) credit: To acquire a SBT credit one must demonstrate a need for incentive to reuse the site due to market conditions or other business factors and also the developer must articulate financial need for the credit.

Tax Increment Financing (TIF): Tax Increment Financing (TIF) reimburses developers for eligible remediation activities as identified in the Brownfield and 381 work plans.

The Enterprise Center of Lapeer was established to assist start up small businesses.  The incubator will help budding new entrepreneurs turn their ideas into successful businesses by providing the necessary business needs:

The Michigan Economic Growth Authority (MEGA), the state's response to interstate competition for company expansions and relocation, may provide a refundable tax credit against the Single Business Tax (SBT) to companies expanding or relocating their operations in Michigan.

Companies eligible for a MEGA tax credit against the SBT are those engaged in manufacturing, research and development, wholesale trade or office operations that are financially sound and have solid proposals. Retail facilities are not eligible. Each credit may be awarded for up to 20 years and up to 100 percent of an amount equal to the personal income tax generated by new workers, based on program guidelines and MEGA board approval.

Companies that create at least 25 new jobs may be eligible for a refundable job creation credit against the Michigan Business Tax.

Eligible industries include high-technology, manufacturing, R&D, wholesale trade, or office operations. Each credit may be awarded for up to 20 years, and is equal to the personal income tax revenue generated from the new employees. An application fee applies to this program.

The Michigan Manufacturing Technology Center (MMTC) offers direct technical assistance to small and medium-sized manufacturers to connect them to the best manufacturing practices and technologies available. State and federal funding in combination with links to national industry groups, major manufacturers, automation equipment vendors, universities, and research laboratories makes it possible for MMTC to offer services that would not otherwise be affordable.

The Michigan NextEnergy Authority (MNEA) was created to promote the development of alternative energy technologies and to provide tax incentives for business activities and property related to the research, development and manufacturing of those technologies.

Taxpayers engaged in research, development or manufacturing of alternative energy technology and certified as eligible by the MNEA may claim a nonrefundable credit against their SBT liability. The MNEA must also certify the taxpayer's SBT liability that is attributable to qualified business activity for both the applicable tax year and the baseline tax year of 2001. The credit is available for tax years beginning no earlier than January 1, 2003. Taxpayers seeking certification for the SBT credit must apply on a yearly basis.

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