Industrial property tax abatements provide incentives for eligible businesses to make new investment in Michigan. These abatements encourage Michigan manufacturers to build new plants, expand existing plants, renovate aging plants or add new machinery and equipment. High-technology operations are also eligible for the abatement.
Many of our communities fall under designated opportunity zones. These zones were enacted by the Tax Cuts and Jobs Act of 2017 as a federal tax incentive established to foster economic growth in low-income communities by encouraging long-term investment of unrealized capital gains.
The Personal Property Tax Relief in Distressed Communities Program allows distressed communities, county seats and certain border county communities to abate personal property taxes on new investments made by eligible businesses.
The City of Mt. Pleasant Revolving Loan Fund is available to support training, working capital, equipment financing, and renovation. To qualify, for every $20,000 loaned out, one full equivalent job must be created.
For businesses currently located within the City of Mt. Pleasant or looking to locate there, the Revolving Loan Fund is just one local incentive available. For a full list of City specific incentives can be found on their website.