February 29, 2024?

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Gov. Whitmer Statement on Passage of Bipartisan Renaissance Zone Simplification Legislation??

Senate moves forward on proposal from Governor?s 2024 State of the State address to build up Michigan?s economic development toolkit?

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LANSING, Mich. ? Governor Gretchen Whitmer released the following statement on the bipartisan passage of Renaissance Zone(s) legislation (HB 5096) by the Michigan Senate. She called for this legislation in her 2024 State of the State Address to make Renaissance Zones in Michigan streamlined so that more businesses can utilize them.??

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Governor Whitmer Statement?

?Thank you to the Michigan Senate for passing this critical, bipartisan legislation to make Renaissance Zones more flexible. These zones are established in areas of Michigan where we need to drive investment and create jobs and do so by lowering the cost of doing business.??

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?By consolidating the previous, more rigid categories for these zones into a single, flexible category, we can support good-paying local jobs in a variety of industries, empower entrepreneurs, and build on our reputation as a great state to do business. In my State of the State address, I called for several new economic development tools, including simplified Renaissance Zones, and I look forward to signing this bipartisan bill when it reaches my desk.??

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?Let?s get this done so anyone can ?make it? in Michigan.???

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Governor Whitmer?s Vision for Economic Development?

In her 2024 State of the State Address, Governor Whitmer called for updating Michigan?s bipartisan economic development toolkit with four new tools.??

1. R&D Tax Credit: incentivize cutting-edge research and development in Michigan, lower costs for businesses.?
2. HIRE Michigan Fund: spur more hiring in Michigan by lowering payroll taxes?the more you hire in Michigan, the more you should save in Michigan.?
3. Simplified Renaissance Zones: a single, flexible category to drive investment and create jobs in underinvested areas of the state.?
4. Innovation Fund: back scalable, high-growth companies, helping create thousands of good-paying jobs in industries of the future.?

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