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Business Tax Breaks
Mon October 18, 2010
Businesses rush to get tax breaks for next year
Local approval is one of the first hurdles companies must overcome to get the tax breaks they want. The deadline to get tax breaks in 2010 is October 31st. That means there's a surge of projects in front of local city councils and commissions.
The Grand Rapids suburb of Wyoming has four companies seeking their approval this week. Barb VanDuren is the city's deputy city manager. She expects the breaks will be approved. "We have very, very few tools to use anymore. Tax abatements are about the only thing we have left to help our industries," VanDuren said Monday. "We use them with the goal at the end being jobs; creating more jobs for our residents and the west Michigan region."
The four projects Wyoming is considering this week would bring in nearly 70 new jobs and retain another 200.