Financial Incentives

Tax Incentives

Renaissance Zone Tax Benefits. The Wealthy District's Renaissance Zone status offers significant tax benefits for qualifying business owners, property owners, and residents.

• Business owners are exempt form the Michigan Single Business Tax.
• Property owners are exempt from property taxes.
• Residents of multi-unit or mixed-use buildings are exempt form city and state personal income tax.
• Full tax benefits are in effect until 2008, which will be followed by a three-year phase-in of taxes from 2009-2011. To qualify businesses must be up-to-date with local and state tax payments and file Single Business tax returns and annual income tax returns. Additionally, properties must meet city code requirements.

Historic Rehabilitation Tax Credit. A federal/state tax credit of up to 25% is available to property owners who are interested in renovating their historic building. Properties and renovation must meet certain requirements including a three-part application process. For more information call the State Historic Preservation Office at (517) 373-1630 or send them an e-mail at: preservation@sosmail.state.mi.us.

Brownfield Tax Credit. Tax increment financing is available to help developers pay for the clean-up and re-use of contaminated sites. Developers may also be eligible for a 10% State Single Business Tax credit associated with redevelopment costs. For more information contact Rick Chapla at the GR Brownfield Redevelopment Authority at 616.771.0328 or e-mail: chaplar@rightplace.org.

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