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Incentives

A wide range of incentives are available to companies considering expanding in Oakland County. These incentives seek to attract and retain high-quality jobs for a highly-skilled work force, as well as maintain a vibrant economic environment for the business community. They include tax incentives, financing programs, job training incentives and assistance to redevelop brownfield sites.

To learn more about available incentives programs select a topic from the links below.

Film Tax Credit

Qualifying film and digital media productions can benefit from several new incentives from the State of Michigan including production incentives, workforce incentives and financing incentives. (Close the window to return to GlobalOakland web site.)

Property Tax Abatements

These exemptions, often referred to as "Tax Abatements", are offered solely at the discretion of the local unit of government. Policies and formulas for determining the term of years to be granted and other qualifications vary with each community.

Michigan Diversification Loan Fund Program (download fact sheet)

This is a three part program that targets Michigan suppliers, particularly auto parts suppliers, that seek to diversify into emerging growth industries.

Michigan Collateral Support Program (download fact sheet file size 176k)

This program will supply cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers.

Michigan Loan Participation Program (download fact sheet file size 176k)

The MLPP will participate with lenders to finance diversivication projects when faced with borrowers whose projected cash flows are considered speculative by the lender.

Obsolete Property Rehabilitaion Act (OPRA) (download fact sheet)

This Act provides for a tax incentive to encourage the redevelopment of obsolete buildings. The tax incentive is designed to assist in the redevelopment of older buildings in which a facility is contaminated, blighted or functionally obsolete. The goal is to rehabilitate older building into vibrant commercial and commercial housing projects.

Michigan Economic Growth Authority (MEGA) Tax Credits

These tax credits apply against a company's state tax liability. They are intended to narrow the gap between the costs of expanding a business in Michigan compared to another state. These credits are granted by the State.

Brownfield Incentives

Tax credits, grants and loans are available to businesses that reuse contaminated, functionally obsolete or blighted properties.

Alternative Energy Tax Credits

Tax credits are available for businesses engaged in research, development or manufacturing of alternative energy technology.

Job Training

A variety of grants and assistance are available to assist companies to locate, hire and train new employees. Grants are also available to provide training to upgrade the skills of a company's existing workforce.

SBA 504 Loans

This program provides small and medium sized businesses with long-term fixed rate financing for the acquisition or construction of fixed assets.

Industrial Revenue Bonds (IRB)

These are extremely low interest financing for fixed assets ranging up to $10 million. They can be used for manufacturing and not-for-profit corporations' projects.

Capital Access Program

This program uses small amounts of public resources to generate private bank financing, providing small Michigan businesses access to bank financing that might not otherwise be available.

Personal Property Tax Relief in Distressed Communities (PA 328) (download fact sheet)

This Act allows distressed communities and county seats to abate all new personal property taxes in certain geographic areas to spur economic development.

Defense Contracting MBT Tax Credit (download fact sheet)

In 2008, legislation was passed creating a new Defense Contracting Michigan Business Tax (MBT) Credit to help Michigan companies procure these federal contracts from the Department of Defense, Department of Energy, or the Department of Homeland Security. The Michigan Economic Growth Authority has the authority to award a refundable tax credit against the MBT to Michigan companies who successfully win a contract.

Advanced Battery Credits (download fact sheet)

These credits include incentives for battery cell manufacturing, pack engineering/integration, and development of engineering and advanced technologies focused around advanced battery systems.

Centers of Energy Excellence (COEE) Program (download fact sheet)

$45 million has been authorized from the 21st Century Jobs Fund to promote the development, acceleration and sustainability of energy excellence sectors in Michigan.

Tool & Die Recovery Zones (download fact sheet)

This program allows tax payment relief to companies located in recovery zones. Taxes not paid include Michigan Business Tax, state education tax, personal and real property taxes, and local income tax where applicable.

21st Century Jobs Fund(file size 14k)

This provides over $2 billion over the next ten years to spark new investment, creating high-tech companies and jobs through loans, grants and equity investments.

Michigan Pre-Seed Capital Fund(file size 126k)

The Michigan Pre-Seed Capital Fund was established to support high-tech start-up companies as they near commercial viability. The purpose of the Fund is to provide access to capital at an early stage of development and to position the company for external investment.

Emerging Technologies Fund (download fact sheet)

This fund is designed to expand funding opportunities for Michigan technology based companies in the federal innovative research and development arena. To that end, the Small Business & Technology Development Center (SBTDC) through the Michigan Strategic Fund (MSF) is dedicated up to $1.4 million to match federal funding opportunities for exceptional commercial opportunites in Michigan.

Michigan Manufacturing Technology Center

The Center offers direct technical assistance to small and medium-sized manufacturers to connect them to the best manufacturing practices and technologies available.

OU INCubator

Oakland University's SmartZone Business Incubator (OU INC) provides entrepreneurial resources and strategic business solutions to develop intellectual property.
The incubator supports existing and grows new technology-based and life science businesses with university resources, decision support technology, business counseling services and financial/capital acquisition assistance.
Business incubators are nonprofit property developments that provide a range of business services in addition to leasing space in a nurturing and supportive environment.
They differ from other commercial property and serviced offices by specifically targeting start-up and emerging companies and play an important role in the developmental and growth phase of a client's life cycle.

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