New Tax Incentives for Michigan's Creative Economy
A recent press release details legislation signed into law by Governor Granholm on May 4th that provides new tax incentives for Michigan's creative economy. The legislation, Public Act 108 of 2008, will make creative companies eligible for state MEGA tax credits.
Creative businesses are defined as:
Architecture and design including architectural design, graphic design, interior design, fashion design, and industrial design
Digital media including internet publishing and broadcasting, video gaming, web development, entertainment technology
Advertising and marketing firms including advertising and marketing agencies, public relations agencies, and display advertising
Music production including record production and development, sound recording studios, and integrated high-tech record production and distribution
Film and video including motion picture and video production and distribution, postproduction services, and teleproduction and production services
Businesses in these categories will be eligible for high-tech and/or high-wage MEGA credits against the Michigan Business tax. A high-wage business is a business that has an average wage of 300% or more of the federal minimum wage.
This legislation is a key step towards developing Michigan's creative class, one of the primary recommendations from our Road to Renaissance plan.
For the full press release and more details about the tax credits, click here.
