LANSING – State Representative Fred Miller (D-Mount Clemens) today announced a plan to stimulate Michigan's economy by providing new tools and incentives to people to start their own businesses and become the job providers of tomorrow.
"This plan is about building up and diversifying Michigan's economy – one new business at a time," Miller said. "By providing small-business owners with new tools to succeed, we are investing in the people of this state. This is the kind of investment that will push our economy forward."
The multi-point plan, the Michigan Spirit of Entrepreneurship Initiative, is designed to make Michigan first in the nation for supporting small-business growth. It would create a culture that fosters innovation in part by offering tuition for students of any age in entrepreneurship courses.
This plan provides a set of tools for small-business owners that would include:
· Health care tax credits for new business owners and tax deductions for personal income invested in small businesses.
· Transferable research and development tax credits to help more ideas get to the market.
· Access to the state's bulk-purchasing program to reduce costs for small businesses.
According to www.michigan.gov/beyourownboss, companies with 500 or fewer employees represent 99.7 percent of all employees in the U.S. In Michigan, more than 1.4 million citizens work at one of the 230,000 firms that employ less than 50 people. Nearly 90 percent of Michigan's employees work for companies with 20 or fewer employees.
"This plan takes away barriers so that small business owners can thrive," Miller said. "The men and women who put their hearts and souls into new businesses make our communities more vibrant. By nurturing their fresh ideas and creative energy, we provide a boost to the economy – and everyone in Michigan benefits."