What is a Tax-Free Renaissance Zone?
Michigan's Tax-Free Renaissance Zones
are designated as virtually tax free for any business or resident
presently in or moving to a zone. The zones are designed to provide
selected communities with the most powerful market based incentive -
NO TAXES. Each Renaissance Zone can be comprised of up to six small
zones (sub zones) that are located throughout the community to give
businesses more options on where to locate.
Just how "Tax
Free" are Renaissance Zones?
Renaissance Zones waive local and state
taxes such as: Single Business Tax, Personal Income Tax (residents
only), State Education Tax, Local Personal Property Tax, Local Real
Property Tax, Local Income Tax, Utility Users Tax.
What Taxes would a
Business Still Pay in a Renaissance Zone?
A business would pay unemployment
insurance, social security taxes, workers' compensation, sewer, and
water fees, which are either federal taxes, or fees for service.
Businesses would also pay property taxes, which result from local
bonded indebtedness or special assessments so as not to jeopardize the
community's current bonds. Businesses would also pay Michigan's six
percent sales tax. Michigan does not allow local sales taxes. Michigan
also has no Corporate Income Tax.
Zone Features
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Comprehensive zone with commercial, industrial and residential
potential
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Located in Michigan’s fifth largest Metropolitan Area
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On
I-75 one day’s drive from all major Northeastern U.S. cities and
Canada
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Abundant educational resources
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Technical Trade Academy for Manufacturing, Engineering, Construction
and Automotive
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858.51 acres, 10 subzones
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