LANSING – State Representative Mary Valentine (D-Norton Shores) today praised a detailed plan to stimulate Michigan's economy by creating a culture of entrepreneurship, and offering powerful new tools and incentives to people willing to start their own businesses.
"Small businesses are the backbone of Michigan's economy," Valentine said. "As we fight to get Michigan's economy back on track and moving forward, we must do everything in our power to promote and encourage small business growth."
The multi-point plan, the Michigan Spirit of Entrepreneurship Initiative, is designed to make Michigan first in the nation for supporting small business growth. For the short-term strategy, there will be an unparalleled set of resources and tools made available to remove barriers to the success of new businesses, especially in the first few years. The long-term strategy is to change Michigan's "big company" culture by teaching students at all learning levels about entrepreneurship, and providing access to small-business curriculum and training.
The plan includes:
- Healthcare tax credits for new business owners and tax deductions for personal income invested in small businesses.
- Transferable R&D tax credits to help more innovations get to the market.
- Access to the state's bulk-purchasing program to reduce small business costs.
- Free tuition for students of any age in entrepreneurship courses.
- A grant program to encourage student participation in programs like Junior Achievement that teach business skills and financial literacy.
- Creating a statewide center for entrepreneurialism.
"We must diversify our economy, and this plan will help us do just that," Valentine said. "Investing in our small businesses is the right thing to do for Michigan."